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Lafayette Company manufactures two products out of a joint process: Compod and Ultrasene. The joint costs incurred are $930,000 for a standard production run that generates 138,000 gallons of Compod and 98,000 gallons of Ultrasene. Compod sells for $15.00 per gallon while Ultrasene sells for $14.25 per gallon.
Problem 1: If there are no additional processing costs incurred after the split-off point, calculate the amount of joint cost of each production run allocated to Ultrasene on a relative-sales-value basis.
Customers are allowed a cash discount of 2% for settlement of debts within one month. It is now proposed to make a provision for discounts to be allowed in the company's accounts for the year ended 31 May 2015.
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