Toil & Oil processes crude oil to jointly produce gasoline, diesel, and kerosene. One batch...
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Toil & Oil 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 $12,000. 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:
| Gasoline | $2 per gallon |
| Diesel | 1 per gallon |
| Kerosene | 3 per gallon |
Using the market value at split-off method, allocate the $12,000 joint cost of production to each product.
| Joint Product | Allocation |
| Gasoline | $ |
| Diesel | |
| Kerosene | |
| Totals | $ |
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