Please post answer in same format as question, thanks. ### Net Realizable Value Method, Decision to Sell at Split-off or Process Further**Scenario:**Arvin, Inc., produces two products, ins and outs, in a single process. The joint costs of this process were $50,000, and 15,000 units of ins and 35,000 units of outs were produced. Separable processing costs beyond the split-off point were as follows:- Ins: $110,000- Outs: $435,000Ins sell for $8.00 per unit, and outs sell for $15.00 per unit.**Required:**1. **Allocate the $50,000 joint costs using the estimated net realizable value method.** **Allocated Joint Cost:** - Ins: _______________ - Outs: _______________2. **Suppose that ins could be sold at the split-off point for $7.00 per unit. Should Arvin sell ins at split-off or process them further?** - Ins should (dropdown: be, not be) processed further as there will be $______________ (space for numerical input) (dropdown: more, less, the same) profit if sold at split-off.**Explanation for Use on an Educational Website:**1. **Understanding Joint Costs**: Learn how to allocate costs between products that are produced in a joint process using the estimated net realizable value method.2. **Decision Analysis**: This section encourages analysis of whether additional processing beyond the split-off point is financially beneficial, considering potential sales at different stages.This exercise is designed to give students practical experience in cost accounting, specifically focusing on joint product costing and decision-making regarding further processing.

The joint costs are costs incurred during manufacturing process for two or more products. The costs…

Net Realizable Value Method, Decision to Sell at Split-off or Process Further Arvin, Inc., produces two products, ins and outs, in a single process. The joint costs of this process were $50,000, and 15,000 units of ins and 35,000 units of outs were produced. Separable processing costs beyond the split-off point were as follow ins, $110,000; outs, $435,000. Ins sell for $8.00 per unit; outs sell for $15.00 per unit. Required: 1. Allocate the $50,000 joint costs using the estimated net realizable value method. Allocated Joint Cost Ins Outs 2. Suppose that ins could be sold at the split-off point for $7.00 per unit. Should Arvin sell ins at split-off or process them further? profit if sold at split-off. Ins be processed further as there will be s

Net Realizable Value Method, Decision to Sell at Split-off or Process Further Arvin, Inc., produces two products, ins and outs, in a single process. The joint costs of this process were $50,000, and 15,000 units of ins and 35,000 units of outs were produced. Separable processing costs beyond the split-off point were as follow ins, $110,000; outs, $435,000. Ins sell for $8.00 per unit; outs sell for $15.00 per unit. Required: 1. Allocate the $50,000 joint costs using the estimated net realizable value method. Allocated Joint Cost Ins Outs 2. Suppose that ins could be sold at the split-off point for $7.00 per unit. Should Arvin sell ins at split-off or process them further? profit if sold at split-off. Ins be processed further as there will be s

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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