Solution-Approximate joint costs assigned

Approximate joint costs assigned

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Reference no: EM133228453

Gamma Corporation purchases trees from a lumberyard and processes them up to the split-off point where two products (paper and pencil casings) emerge from the process. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of August 2022:

Trees processed: 319 trees

Production: paper 199173 sheets

pencil casings 199173

Sales: paper 169004 at $0.11 per sheet

pencil casings 173125 at $0.15 per casing

The costs of purchasing 319 trees and processing them up to the split-off point to yield 199173 sheets of paper and 199173 pencil casings is $14849. The sale values per sheet of paper and per casing are also the sale values at split-off. Gamma's accounting department reported no beginning inventory.

If the sales value at split-off method is used to allocate joint costs, what is the approximate joint costs assigned to the ending inventory of paper? (Round the final answer to the nearest cent, i.e., to two decimal places.)

Reference no: EM133228453

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Approximate joint costs assigned

Reference no: EM133228453

Reference no: EM133228453

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