Sherlock company processes timber into four products. During January, the joint costs of processing were $280,000. There was no inventory at the beginning of the month. Production and sales value information for the month is as follows (bdft = board foot):
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Sales Value at
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Product
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Board feet
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Splitoff Point
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Ending Inventory
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2 x 4's
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6,000,000
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$0.30 per board foot
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500,000 bdft.
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2 x 6's
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3,000,000
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0.40 per board foot
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250,000 bdft.
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4 x 4's
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2,000,000
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0.45 per board foot
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100,000 bdft.
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Slabs
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1,000,000
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0.10 per board foot
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50,000 bdft.
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Required:
Determine the value of ending inventory if the sales value at splitoff method is used for product costing. Record your answers in the Tables below. You do not have to show your work (calculations). Fill-in all of the cells below but not the cells noted with "xxxxxxx." Round to 3 decimal places when necessary and you can omit $ signs.