accounting homework 498667

Problem 1 – Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 20X2, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer is as follows:

Question: Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product.

Problem 2 – Zenon Chemical, Inc. processes pine rosin into three products: turpentine, paint thinner, and spot remover. During May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows:

Question: Determine the amount of joint cost allocated to each product if the physical-measure method is used.

Problem 3 – Oregon Lumber 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:

Question: Determine the value of ending inventory if the sales value at splitoff method is used for product costing. Round to three decimal places when necessary.