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Joint Cost AllocationMarket Value at Split-off Method Burn-on Inc. processes crude oil to jointly produce...

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Accounting

Joint Cost AllocationMarket Value at Split-off Method

Burn-on Inc. processes crude oil to jointly produce gasoline, diesel, and kerosene. One batch produces 3,415 gallons of gasoline, 2,732 gallons of diesel, and 1,366 gallons of kerosene at a joint cost of $15,800. After the split-off point, all products are processed further, but the estimated market price for each product at the split-off point is as follows:

Product Unit Price
Gasoline $2 per gallon
Diesel 1 per gallon
Kerosene 3 per gallon

Using the market value at split-off method, allocate the $15,800 joint cost of production to each product.

Joint Product Allocation
Gasoline $fill in the blank 1
Diesel fill in the blank 2
Kerosene fill in the blank 3
Totals $fill in the blank 4

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