(Allocation ofjoint cost) Nova Scotia Fish Processors produces three products from a common input. The three products...
Question:
(Allocation ofjoint cost) Nova Scotia Fish Processors produces three products from a common input. The three products are fish meat, fish oil, and fish meal. For April 1998, the firm produced the following average quantities of each product from each pound of fish processed:
Note that 2 ounces of each pound (1 pound = 16 ounces) of fish processed is waste that has no market value. In April, the firm processed 50 tons of fish (one ton is equal to 2,000 pounds) of fish. Joint cost amounted to $95,200. On av¬ erage, each pound of fish meat sells for $3; each pound of fish oil sells for $4; and each pound of fish meal sells for $2.
a. Allocate the joint cost using weight as the basis.
b. Allocate the joint cost using sales value as the basis.
c. Discuss the advantages and disadvantages of your answers to parts a and b.LO1
Transcribed Image Text:
PRODUCT Fish meat Fish oil Fish meal Total OBTAINED FROM EACH POUND OF FISH 8 ounces 4 ounces 2 ounces 14 ounces
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