Gross profit joint cost allocation The Far West Milling Company processes soybeans into meal, oil, and animal feed. A 60-pound bushel yields an average of 45 pounds of meal, 10 pounds of oil, and 5 pounds of animal feed. Before split-off average processing costs are $.50 per bushel, and the average cost of soybeans is $7 per bushel. After split-off additional processing costs are $35 per ton for meal, $50 per ton for oil, and $25 per ton for animal feed. The selling prices of the products are $230 per ton for meal, $.45 per pound for oil, and $130 per ton for animal feed. The company processed 1,200 tons of soybeans in August. There are 2,000 pounds in a ton.

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REQUIRED Prepare a schedule of product costs for soybean processing in August using the gross profit method of joint cost allocation.