Sinclair Company is one of the world's leading com refiners. It produces two joint products--com synup and constarch-uning a common production process in July 2017, Sinclair reported the following production and selling price information (Click the icon to view the information) Requirement Allocate the 1323 000 joint costs using the NRV method (Round the weights to two decimal places) Final sales value of total production Deduct separable costs NHV at splitoff point Weighting Joint costs allocated Corn syrup Corn starch Total Data table Joint costs (costs of processing com to splitoff point) Separable cost of processing beyond splitoff point Beginning inventory (cases) Production and Sales (cases) Ending inventory (cases) Com Syrup Com Starch Joint Costs S 323 000 $ 404,910 0 12.100 535 107,590 • 6.600 0 27

Sinclair Company is one of the world's leading com refiners. It produces two joint products--com synup and constarch-uning a common production process in July 2017, Sinclair reported the following production and selling price information (Click the icon to view the information) Requirement Allocate the 1323 000 joint costs using the NRV method (Round the weights to two decimal places) Final sales value of total production Deduct separable costs NHV at splitoff point Weighting Joint costs allocated Corn syrup Corn starch Total Data table Joint costs (costs of processing com to splitoff point) Separable cost of processing beyond splitoff point Beginning inventory (cases) Production and Sales (cases) Ending inventory (cases) Com Syrup Com Starch Joint Costs S 323 000 $ 404,910 0 12.100 535 107,590 • 6.600 0 27

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 13P: Venezuela Oil Inc. transports crude oil to its refinery where it is processed into main products...

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