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THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 4 8. Quiz Company produces four products...

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Accounting

THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 4 8.

Quiz Company produces four products from a common input. Joint costs to produce one batch total $130,000. All products can either be sold at the split-off point or processed further. Information for one batch of the joint products is as follows.

Gallons

Weight

Factor

Sales Price

At Split-Off

Additional

Processing

Cost

Processed

Sales Value

Product 11,4001.0$15 / gal$2 / gal$20 / galProduct 22,6002.020425Product 32,5001.526530Product 43,5002.535540

Note: Round all allocation ratios to four decimal points. Round all dollar amounts to the nearest dollar.

Determine the amount of joint costs allocated to Product 1 using the weighted average method.

Note: Give your answer using dollar signs and commas but no decimal points (cents).

Example: $12,345

Determine the amount of joint costs allocated to Product 1 using the sales value at split-off method.

Determine the amount of joint costs allocated to Product 1 using the net realizable value method.

Determine the amount of joint costs allocated to Product 1 using the constant gross margin percentage method. (Use sales value after processing to determine gross margin.)

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