Assume Quality Chicken uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2009, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts?
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Breast
|
Wings
|
Thighs
|
Bones
|
Feathers
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Total
|
|
Pounds of product
|
200
|
40
|
80
|
160
|
20
|
500
|
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Wholesale selling price
|
|
|
|
|
|
|
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per pound
|
$0.40
|
$0.25
|
$0.35
|
$0.10
|
$0.05
|
|
|
Sales value at splitoff
|
$80.00
|
$10.00
|
$28.00
|
$16.00
|
$1.00
|
$135.00
|
|
Weighting: Sales Value
|
|
|
|
|
|
|
|
at splitoff
|
0.593
|
0.074
|
0.207
|
0.119
|
0.007
|
1
|
|
Joint costs allocated
|
$59.30
|
$7.40
|
$20.70
|
$11.90
|
$0.70
|
$100.00
|
|
Allocated costs
|
|
|
|
|
|
|
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per pound
|
$0.30
|
$0.19
|
$0.26
|
$0.07
|
$0.04
|
|