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Superior Refinery produces oil products in a joint production process. For the month of October, $450,000 of materials, labor, and overhead were added to produce the three main products: M1, M2, and M3. The sale values were available right after the split-off point. The following diagram shows the process.
M1
Sales value $200,000
Joint costs $450,000
M2
Sales value $300,000
M3
Sales value $500,000
Required:
Question 1. Allocate the joint costs to the products using the net realizable value method.
Question 2. Calculate the gross margin for each product. Comment on any observations that can be made in this regard when the net realizable method is used.
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