Roberts, Inc., processes soybeans to make soybean oil and soybean meal. In Department 1, the METHOD AND soybeans are split into soybean oil and soybean meal. Soybean meal is transferred to Department JOURNAL ENTRIES 2 to be made into soybean-flavored crackers. Roberts, Inc., uses a process cost system to accumulate costs. The following data was collected and used by the management: mki8

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Quantity produced (pounds) Selling price at split-off (per pound) Additional costs (per pound) Selling price after additional processing (per pound) Soybean oil Soybean meal 300 550 $1.20 $.75 $.50 (Department 2) $1.95 The total joint cost. $300 in Department 1, was allocated by using the quantitative method. There were no beginning or ending inventories. Required: a Calculate the joint cost allocated to each product. b Calculate the total cost of producing soybean-flavored crackers. Write journal entries for the above assuming the following additional detailed production information: Department 1 (in total): Direct materials. Direct labor..... Factory overhead Total. $120 100 80 $300 Department 2 (per pound): Direct materials. $.30 Direct labor.. .15 Factory overhead .05 Total.. $.50