Using NRV method, calculate the value of ending inventory for corn syrup and gross margin for corn starch. Group of answer choices
Sweeney 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. Sweeney reported the following production and selling-price information:
Corn Syrup Corn Starch Joint Costs
Joint costs $321,000
Separable costs $430,560 $94,740
Beginning inventory (cases) 100 200
Production (cases) 12,900 6,500
Sales (cases) 12,000 6,000
Selling price per case $70 $30
Using NRV method, calculate the value of ending inventory for corn syrup and gross margin for corn starch.
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