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  3. 2 lmn company produces three products k, l and m.

2 LMN Company produces three products K, L and M. During the year, the joint...

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Accounting

2 LMN Company produces three products K, L and M. During the year, the joint costs

of processing the three products were $480,000.

Production and sales value information were as follows:

Sales Value

Product Units at Split-Off Separable Costs Selling Price

K 500,000 $13 per unit $6.00 per unit $40 per unit

L 300,000 $12 per unit $4.00 per unit $37 per unit

M 200,000 $8 per unit $3.00 per unit $28 per unit

Allocate the joint costs using the physical output method.

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