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Star Company is one of the? world's leading corn refiners
Star Company is one of the? world's leading corn refiners. It produces two joint products—corn syrup and corn starch—using a common production process. In July 2017?, Star reported the following production and? selling-price information:
Requirement
Allocate the $325,000 joint costs using the NRV method. ?(Round the weights to two decimal? places.)
|
Corn syrup |
Corn starch |
Total |
|
|---|---|---|---|
|
Final sales value of total production |
|||
|
Deduct separable costs |
|||
|
NRV at splitoff point |
|||
|
Weighting |
|||
|
Joint costs allocated |
1: Data Table
|
Corn Syrup |
Corn Starch |
Joint Costs |
|
|---|---|---|---|
|
Joint costs (costs of processing corn to splitoff point) |
$325,000 |
||
|
Separable cost of processing beyond splitoff point |
$324,960 |
$96,640 |
|
|
Beginning inventory (cases) |
0 |
0 |
|
|
Production and Sales (cases) |
12,300 |
6,400 |
|
|
Ending inventory (cases) |
0 |
0 |
|
|
Selling price per case |
$48 |
$23 |
Expert Solution
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