Curry Chemicals operate a joint process which produces two products, Flambex and Glycal.

50 lb of raw materials cost $100 in total, and are converted at a cost of $60 into 20 lb of Flambex and 30 lb of Glycal. The Flambex produced can be sold for $2 per lb but Glycal must be purified at a cost of $0.60 per lb before it can be sold for $1.40 per lb. At the end of January, 240 lb of Flambex and 80 lb of purified Glycal were in inventory.

REQUIRED Calculate the value of the closing inventory for January using the net realisable value method (you should compute per unit costs for each product).