Reference no: EM133146305
Question - The Keep It Clean Corporation processes a liquid component up to the split off point where two products, Mr. Dirt Out and Mr. Sink Clean, are produced and sold. There was no beginning inventory. The following material was collected for the month of January:
Production: Mr. Dirt Out 147,500 litres
Mr. Sink Clean 95,000 litres
Sales: Mr. Dirt Out 140,500 at $110 per litre
Mr. Sink Clean 91,000 at $100 per litre
The cost of purchasing 250,000 litres of direct materials and processing it up to the split off point to yield a total of 242,500 litres of good product at a joint cost of $380,000.
Required -
1. Allocate the joint cost based on physical volume.
2. Allocated the joint cost based on the sales value at split off.
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