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Butterfly Corp. manufactures products M1 and M2 from a joint process, which also yields a...

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Accounting

Butterfly Corp. manufactures products M1 and M2 from a joint process, which also yields a by-product, B1. Butterfly accounts for the revenues from its by-product sales as other income. Additional information follows:

M1 M2 B1 Total
Units produced 23,800 13,100 9,500 46,400
Allocated joint costs ? ? ? $ 342,000
Sales value at split-off $ 366,000 $ 244,000 $ 94,000 $ 704,000

Required:

Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated to product M1? (Do not round intermediate calculations.)

Joint cost of product M1 $

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