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Please show me the steps to get the correct answer? Argon Manufacturing Company processes...

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Accounting

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Please show me the steps to get the correct answer?

Argon Manufacturing Company processes direct materials up to the split off point where two main products (U and V), and one by- product, X, are obtained and sold. The following information was collected for last quarter of the calendar year: Direct materials processed: 10,000 gallons (note: processing results in some shrinkage of material) Production: Product U Product V Product X 4100 gallons 4100 gallons 1900 By product Sales price: Product U $150.00 per gallon Product V $100.00 per gallon by-product Product X 10.00 per gallon The cost of purchasing 10,000 gallons of direct materials and processing it up to the split off point was $975,000. How much of the $975,000 of joint costs are allocated to the main products using the production method to account for by-product cost? You Answered Correct Answer 956,000

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