Problem 1: DNA Ltd. produces two main products, A and B; and, a byproduct, C. There were no beginning inventories. During April, it incurred $275,000 of joint costs, which are allocated to main products using the physical output method. Additional information follows:
|
Product
|
Unit Produced
|
Units Sold
|
Unit Sales Price
|
|
A
|
12,000
|
9,600
|
$22
|
|
B
|
18,000
|
15,300
|
38
|
|
C
|
6,000
|
5,200
|
3
|
Required: Assuming DNA recognizes byproduct revenue at the time of sale, what is the total value of ending inventory?
Problem 2: Chemical X, Inc. processes pine rosin into three products; turpentine, paint thinner, and spot remover. During June the joint costs of processing were $280,000. Production and sales value information for the month were as follows:
|
Product
|
Units Produced
|
Sales Value at Split off Point
|
|
Turpentine
|
3,000 litres
|
$30,000
|
|
Paint Thinner
|
3,000 litres
|
25,000
|
|
Spot remove
|
1,500 litres
|
12,500
|
Required: Determine the amount of joint cost allocated to each product if the physical measure method is used.
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