Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The...

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Accounting

Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows:

Product Units Produced Sales Value at Split-Off If Processed Further

Additional Costs Sales Values

Chem-1 299,000 $ 231,000 $ 33,800 $ 271,000

Chem-2 187,000 275,000 30,500 301,000

Chem-3 203,000 160,600 26,000 191,000

Chem-4 155,000 257,400 27,400 281,000

844,000 $ 924,000 $ 117,700 $ 1,044,000

Product	Units Produced	Sales Value at Split-Off	If Processed Further
Chem-1	299,000	$ 231,000	$ 33,800	$ 271,000
Chem-2	187,000	275,000	30,500	301,000
Chem-3	203,000	160,600	26,000	191,000
Chem-4	155,000	257,400	27,400	281,000
	844,000	$ 924,000	$ 117,700	$ 1,044,000

Required:

Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May?

\begin{tabular}{|c|l|l|} \hline Product & NRVatSplit-Off & JointCostsAllocated \\ \hline Chem-1 & & \\ \hline Chem-2 & & \\ \hline Chem-3 & & \\ \hline Chem-4 & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|} \hline Product & NRVatSplit-Off & JointCostsAllocated \\ \hline Chem-1 & & \\ \hline Chem-2 & & \\ \hline Chem-3 & & \\ \hline Chem-4 & & \\ \hline \end{tabular}

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Product	Units Produced	Sales Value at Split-Off	If Processed Further
Additional Costs	Sales Values
Chem-1	299,000	$ 231,000	$ 33,800	$ 271,000
Chem-2	187,000	275,000	30,500	301,000
Chem-3	203,000	160,600	26,000	191,000
Chem-4	155,000	257,400	27,400	281,000
	844,000	$ 924,000	$ 117,700	$ 1,044,000