Reference no: EM133072642
Question - Pilipinas Lumber Company Processes lumber products for sale to lumber wholesalers. Its most popular line is narra products. Narra tree growers sell Pilipinas Lumber whole trees. These trees are jointly processed up to the split-off point at which rawnarra A, raw narra B, and raw narra C become separable products. Each product is separately processed further by Pilipinas Lumber into finished products (Narra A, Narra B,and Narra C) to be sold to lumber wholesalers. Data for April 2020 are:
a. Joint processing costs (including the cost of narra tree) P1,500,000
b. Separable product at the split-off point:
Raw narra A, 30,000 board-feet
Raw narra B, 50,000 board-feet
Raw narra C, 20,000 board-feet
c. The final product produced and sold
Narra A, 25,000 board feet at P16 per board-feet
Narra B, 40,000 board feet at P9 per board-feet
Narra C, 15,000 board feet at P7 per board-feet
d. Separable processing costs? For Narra A, P60,000
For Narra B, P90,000
For Narra C, P15,000
There is an active market for raw narra products. Selling prices available in April2020 were raw narra A, P8 per board-feet, raw narra B, P4 per board-feet; and raw narra C, P3 per board-feet. There was no beginning or ending inventories for April 2020.
Required -Allocate the joint costs to the three product using
a. Sales value at the split-off point method
b. Physical-measures method
c. Net Realizable Value (NRV) method
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