Homework: Chapter 16 Homework Score: 0 of 10 pts E16-18 (similar to) Save 3of5@c

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Homework: Chapter 16 Homework Score: 0 of 10 pts E16-18 (similar to) Save 3of5@complete) HW Score: 0%, 0 of 90 pts Question Help * Sinclair Company is one of the worlds leading com refiners. It produces two joint products-com syrup and con starch-using a common production process. In July 2014, Sinclair reported the following production and selling-price information: Corn Syrup Corn Starch Joint Costs S 322,000 Joint costs (costs of processing corn to splitoff point) Separable cost of processing beyond splitoff point Beginning inventory (cases) Production and Sales (cases) Ending inventory (cases) Selling price per case S 361,680 S 83,020 12,700 6.200 49 $ Corn syrup Corn starch Total Final sales value of total production Deduct separable costs NRV at splitoff point Weighting Joint costs allocated Enter any number in the edit fields and then click Check Answer l parts showing Clear All Check Answer

Explanation / Answer

Answer:-

Where:-  Corn Syrup weighting =$260620/$314000*100 = 83%

  Corn Starch weighting=$53380/$314000*100 = 17%

Joint cost alocation:-

Corn syrup = $322000*83% =$267260

Corn starch =$322000*17% =$54740

Sinclair Company Allocation of Joint cost Particluars Corn Syrup Corn Starch Total Final sales value of total production 12700 cases*$49 per case =$622300 6200 cases*22 per case =$136400 $758700 Less:- Seprable costs $361680 $83020 $369700 NRV at split-off point $260620 $53380 $314000 Weighting 0.83 0.17 1.00 Joint cost allocated $267260 $54740 $322000

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