Solution-Allocate the production cost using weighted

Allocate the production cost using weighted average method

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Reference no: EM132822690

Minnie Oil Co. produces three joint products: gasoline, kerosene, and naphtha. Total joint production cost for November was Php59,500. The units produced and unit sales prices at the split-off point were:

Product Units Unit Sales Price

Gasoline 10,000 Php5

Kerosene 15,000 4

Naphtha 20,000 3

In determining costs by the weighted average method, each unit is weighted as follows:

Product Per Unit Weighting

Gasoline 10.3

Kerosene 5

Naphtha 3

Required:

Problem 1: Allocate the production cost, using:

(1) The market value method

(2) The weighted average method

Reference no: EM132822690

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Allocate the production cost using weighted average method

Reference no: EM132822690

Reference no: EM132822690

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