apter 1 Part 1 of 5 O Points: 0 of 1 Save Sinclair Oil & Gas, a large energy conglomerate, jointly processes purchased hydrocarbons to generate three nonsalable intermediate products: ICR8, ING4, and XGE3. These intermediate products are further processed separately to produce crude oil, natural gas liquids (NGL), and natural gas (measured in liquid equivalents). (Click the icon to view the overview.) A federal law that has recently been passed taxes crude oil at 30% of operating income. No new tax ist be paid on natural gas liquids or natural gas. (Click the icon to view additional information.) Read the requirements. Requirement 1. Allocate the August 2020 joint cost among the three products using the (a) Physical-measure method and (b) NRV method. First, allocate the August 2020 joint cost using the physical-measure method. (Round the weights to five decimal places and joint costs to the nearest cent.) X Overview of the process and results. buirements An overview of the process and results for August 2020 are shown here (Note: The numbers are small to keep the focus on key concepts.) Joint Costs - Separable Costs $1.500) Crude Oil Processing ICRS 200 burrels SI75 S20 per barrel Allocate the August 2020 joint cost among the three products using the following: a. Physical measure method b. NRV method. Show the operating income for each product using the methods in requirement 1. Discuss the pros and cons of the two methods to Sinclair Oil & Gas for making decisions about product emphasis (pricing, sell-or-process- further decisions, and so on). Hydrocarbons Processing INGA Processing SI20 NGL 100 barrels @ S19 per barrel Print Done Natural Gas 700 cqyt. barrels a $1.20 per eqvt. barrel Processing S195 XGES apter 1 Part 1 of 5 O Points: 0 of 1 Save Sinclair Oil & Gas, a large energy conglomerate, jointly processes purchased hydrocarbons to generate three nonsalable intermediate products: ICR8, ING4, and XGE3. These intermediate products are further processed separately to produce crude oil, natural gas liquids (NGL), and natural gas (measured in liquid equivalents). (Click the icon to view the overview.) A federal law that has recently been passed taxes crude oil at 30% of operating income. No new tax ist be paid on natural gas liquids or natural gas. (Click the icon to view additional information.) Read the requirements. Requirement 1. Allocate the August 2020 joint cost among the three products using the (a) Physical-measure method and (b) NRV method. First, allocate the August 2020 joint cost using the physical-measure method. (Round the weights to five decimal places and joint costs to the nearest cent.) X Overview of the process and results. buirements An overview of the process and results for August 2020 are shown here (Note: The numbers are small to keep the focus on key concepts.) Joint Costs - Separable Costs $1.500) Crude Oil Processing ICRS 200 burrels SI75 S20 per barrel Allocate the August 2020 joint cost among the three products using the following: a. Physical measure method b. NRV method. Show the operating income for each product using the methods in requirement 1. Discuss the pros and cons of the two methods to Sinclair Oil & Gas for making decisions about product emphasis (pricing, sell-or-process- further decisions, and so on). Hydrocarbons Processing INGA Processing SI20 NGL 100 barrels @ S19 per barrel Print Done Natural Gas 700 cqyt. barrels a $1.20 per eqvt. barrel Processing S195 XGES