Gendalf Dairy Ltd. manufactures dairy products. In the month of June, 20,000 litres of raw...
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Gendalf Dairy Ltd. manufactures dairy products. In the month of June, 20,000 litres of raw milk was processed at a cost of $32,000. The joint process yielded 6,000 litres of cream and 12,000 litres of skim milk. Gendalf can sell the cream for $3/L and the skim milk for $2/L. At the end of the period, Gendalf has 1,000 litres of cream and 1,750 litres of skim milk that are unsold. Assuming Gendalf uses the sales value at split-off method of allocating costs, what is the value of total ending inventory
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