8 Joint Cost Allocation-Net Realizable Value MethodNature's Garden Inc. produces wood chips, wood pulp, and mulch. These products are produced through harvesting trees and sending the logs through awood chipper machine. One batch of logs produces 20,304 cubic yards of wood chips, 14,100 cubic yards of mulch, and 9,024 cubic yards of wood pulp. Thejoint production process costs a total of $32,000 per batch. After the split-off point, wood chips are immediately sold for $25 per cubic yard while wood pulpand mulch are processed further. The market value of the wood pulp and mulch at the split-off point is estimated to be $22 and $24 per cubic yard,respectively. The additional production process of the wood pulp costs $5 per cubic yard, after which it is sold for $30 per cubic yard. The additionalproduction process of the mulch costs $4 per cubic yard, after which it is sold for $32 per cubic yard.Allocate the joint costs of production to each product using the net realizable value method.Joint ProductAllocationWood chipsWood pulpMulchTotals

When two or more products are produced under the same process question of joint cost allocation…

Answered: Jolnt Product Allocation Wood chips…

Business

Accounting

Jolnt Product Allocation Wood chips Wood pulp Mulch Totals

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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