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Allocate the joint cost to all three products

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Reference no: EM132561595

SEAJOHN Oil Refinery processes three products named as DIESEL, PETROL and KEROSENE OIL by using raw material which has a joint cost of $21,600. Production process for the month of July 2017 provides following information at the split-off point :

                             PRODUCT LITRES                      SALES PRICE

(per litre)

Diesel                        6,000                                       $2.20

Petrol                          8,000                                       $1.25

Kerosene Oil                  10,000                                         $1.28

As per the recommendation of experts and production managers, each product is weighted as follows :

PRODUCT PER LITRE               WEIGHTING

Diesel                                       0.6

Petrol                                        0.4

Kerosene Oil                                  0.4

Question 1: You are required to allocate the joint cost to all three products using weighted average method.

Reference no: EM132561595

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