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Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split$-$off or after further processing. In October, the joint cost of the production process was $$369,200.$ By$-$product; net realizable value method

Products.

b$.$ Determine the value of ending Finished Goods Inventory, assuming that $10,400$ pounds of salmon fillets, $6,240$ pounds of smoked salmon, and $910$ pounds of salmon remnants were sold.

Note: Round cost per pound to the nearest penny in your calculations.

Note: Round your final answers below to the nearest whole dollar.

Product Pounds Produced Separate Cost Final Selling Price

Fillet $46,800$ $$3\mathrm{.}00$ $$16\mathrm{.}00$

Smoked $52,0005\mathrm{.}2013\mathrm{.}00$

Remnants $5,2000\mathrm{.}301\mathrm{.}50$

a$.$ The remnants are considered a by$-$product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split$-$off. Use the net realizable value method to account for the by$-$product, subtracting the by$-$product cost from the cost of Work in Process Inventory$$Joint Products.

Fillet Answer $1$

Smoked Answer $2$

Total Answer $3$

b$.$ Determine the value of ending Finished Goods Inventory, assuming that $10,400$ pounds of salmon fillets, $6,240$ pounds of smoked salmon, and $910$ pounds of salmon remnants were sold.

Note: Round cost per pound to the nearest penny in your calculations.

Note: Round your final answers below to the nearest whole dollar.

Inventory values:

Fillet Answer $4$

Smoked Answer $5$

Remnants Answer $6$

Total inventory value Answer $7$

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