Problem 2 - Zenon Chemical, Inc. processes pine rosin into three products: turpe

Question

Problem 2 - Zenon Chemical, Inc. processes pine rosin into three products: turpentine, paint thinner, and spot remover. During May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows: Product Units Produced Sales Value at Splitoff Point Turpentine 6,000 liters $60,000 Paint thinner 6,000 liters 50,000 Spot remover 3,000 liters 25,000 Question: Determine the amount of joint cost allocated to each product if the physical-measure method is used.

Explanation / Answer

ACCOUNTING Zenon Chemical, Inc. processes pine rosin into three products: turpentine, paint thinner, and spot remover. During May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows: Product Units Produced Sales Value at Splitoff Point Turpentine 6,000 liters $60,000 Paint thinner 6,000 liters 50,000 Spot remover 3,000 liters 25,000 Determine the amount of joint cost allocated to each product if the physical-measure method is used.

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