Determine the amount of joint cost

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Question 1 - DNA Ltd. produces two main products, A and B; and, a byproduct, C. There were no beginning inventories. During April, it incurred $275,000 of joint costs, which are allocated to main products using the physical output method. Additional information follows:

Product

Unit Produced

Units Sold

Unit Sales Price

A

12,000

9,600

$22

B

18,000

15,300

38

C

6,000

5,200

3

Required - Assuming DNA recognizes byproduct revenue at the time of sale, what is the total value of ending inventory?

Question 2 - Chemical X, Inc. processes pine rosin into three products; turpentine, paint thinner, and spot remover. During June the joint costs of processing were $280,000. Production and sales value information for the month were as follows:

Product

Units Produced

Sales Value at Split off Point

Turpentine

3,000 litres

$30,000

Paint Thinner

3,000 litres

25,000

Spot remove

1,500 litres

12,500

Required - Determine the amount of joint cost allocated to each product if the physical measure method is used.

Reference no: EM132474102

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