K The Cocoa Bean Edibles Factory manufactures and distributes chocolate products. (Click the icon to view more information about Cocoa Bean.) Production and sales data for August are as follows (assume no beginning inventory): (Click the icon to view the data.) Required Requirement 1. Calculate how the joint costs of $52,000 would be allocated between chocolate powder and milk chocolate under the different methods. a. Sales value at splitoff method. Begin by entering the appropriate amounts to allocate the joint costs. (Round the weighting amounts to four decimal places.) Sales value of total Joint costs Chocolate powder Milk chocolate Total More info production at splitoff Weighting - allocated More info It purchases cocoa beans and processes them into two intermediate products: chocolate-powder liquor base and milk-chocolate liquor base. These two intermediate products become separately identifiable at a single splitoff point. Every 1,600 pounds of cocoa beans yields 25 gallons of chocolate-powder liquor base and 100 gallons of milk-chocolate liquor base. The chocolate-powder liquor base is further processed into chocolate powder. Every 25 gallons of chocolate-powder liquor base yield 690 pounds of chocolate powder. The milk-chocolate liquor base is further processed into milk chocolate. Every 100 gallons of milk-chocolate liquor base yield 1,110 pounds of milk chocolate. Cocoa beans processed, 24,000 pounds •Costs of processing cocoa beans to splitoff point (including purchase of beans), $52,000 Separable Selling Price Processing Costs $11 per pound $ $8 per pound $ Production Chocolate powder 10,350 pounds 16,650 pounds Sales 6,900 pounds 14,300 pounds Milk chocolate 18,150 78,000 Cocoa Bean Edibles Factory fully processes both of its intermediate products into chocolate powder or milk chocolate. There is an active market for these intermediate products. In August, Cocoa Bean Edibles Factory could have sold the chocolate-powder liquor base for $16 a gallon and the milk-chocolate liquor base for $6 a gallon. Print Done Print Done