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Prepare a partial income statement for september showing

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Reference no: EM132970004

The Apple Barn Inc. processes raw apples into two products; applesauce and apple juice. Sales value, production and sales information for September were as follows:

Sales value Litres Litres sold

Product at Splitoff (per litre) produced in September

Applesauce $2.50 144,000 139,500 litres

Apple juice $4.00 60,000 54,200 litres

  • During September the joint costs of processing were $366,000. There were no beginning inventories for the month.
  • The Apple Barn has the option to process the apple juice further into apple vinegar at a cost of $48,000. The litres produced would be the same.

Required

Problem (a) Prepare a partial income statement for September showing gross margin for both products separately. Assume that both products are sold at the splitoff point and joint costs are allocated using the sales value at splitoff method.

Reference no: EM132970004

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