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Star Company is one of the? world's leading corn refiners

Accounting

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

 

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