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Joint Products - Cost Allocation: Some manufacturing processes start with incurring costs when the cost objects may not yet be identifiable. For example, during the refining process that transforms crude oil into different grades of gasoline, certain costs (joint costs) are incurred early in the process. Once the process reaches a point where each individual cost object is identifiable (split-off point), we must allocate the joint costs to these newly identifiable cost objects (joint products). EXERCISE 2: Axiom Petroleum operates an oil refining facility that produces three different grades of fuel. Following are the production and sales information for the month of August. Product Gallons Produced Low grade Regular grade Premium grade TOTAL 336,000 480,000 384,000 1,200,000 Sales Value at Split-off Point $175,000 460,000 405,000 $1,040,000 The Joint Costs of processing for August were $624,000. Determine the amount of joint costs allocated based on the gallons produced: Step 1: Compute an allocation rate (Round to two digits beyond the decimal point). Total Joint Costs Cost Driver(Allocation Base) Allocation Rate Total Gallons produced $ = $ per gallon Gallons Step 2: Allocate costs based on gallons produced: Allocation Rate Low grade $ Allocated gallons = $ Medium grade $ gallons = $ Premium grade $ gallons = $ TOTAL $ $ Determine the amount of joint costs allocated based on the relative Sales Value at the split-off point: Step 1: Compute an allocation rate (Round to two digits beyond the decimal point). Cost Driver(Allocation Total Joint Costs Base) Allocation Rate Sales value at Split Off 1 $ per $ of sales value Step 2: Allocate costs based on gallons produced: Allocation Rate Low grade $ Sales value at Split Off Allocated $ $ 11 $ Medium grade $ $ $ $ Premium grade $ $ X $ 11 $ $ $ TOTAL $