Bank Chemical Co. Produces two products, Moola and Toola, from a joint process. Joint costs were 12,000. Additional Data:

Problem 3 Bank Chemical Co. produces two products, Moola and Toola, from a joint process. Joint costs were $12,000. Additional data: Total production Unit selling price at split-off . Total separable costs if processed further $2000 Unit selling price if processed further Moola Toola 100 lbs 50 lbs 120 60 $500 S 195 $ 80 a) Allocate joint cost using NRV at split-off. b) Prepare a product line income statement