Begin with the physical-measure method: Now show the operating income for both products using the NRV method. The Rieppel Spints Corrpany produces two products- methand (wood alcohol) and turpentine - by a joint process. Joint costs amount to $125,000 per batch of output Each batch lotais 13,500 pafions: 25% methanot and 75% tuppontine, Soth prodicts are procetsed turther wathout pain of lose in volume. Separabie processing costs ace methanot, 54 per gallon, and turpentine. $2 per galion. Methanol sells for $22 per galion. Turpentine sells for $16 per galion Read the fequirements Requirement 1. How much of the joint costs per batch wit be allocated to methanel and to turpentine. assuming that joint costs are alocated based on the number of galons at splitoff point? (Round the weiphts to five decimal places) Requirement 2. If jpint costs are alocated on an NRV bass, how much of the joint costs per batch will be alocated to methanel and to turpentine? (Round the weights to five decimal places.) Requirement 3. Prepare product-ine income statements per batch for requirement 1 and 2 . Assume no beginning or ending inventories. (f or entries with a so bolance, make wure fo onter " O " in the appropriale column.) Requirement 4. The company has discovered an additonal process by which the mothanol (wood alcohol) can be made into a pleanant-tasting alcoholic beverage. The selling price of this beverage would be $55 a gallon. Additional processing would increase separable costs $12 per galion (in addition to the $4 per galion separable cott required to yinld methanol). The company would have to pay excise taxes of 20% on the selling price of the beverage. Assuming no other changes in cost, what is the joint cont applicable to the wood alcohol (using the NFV method)? Should the cornpany produce the alcoholic beverage? Show your computations. Begin by caiculating the joint cost applicable to the wood alcohol (using the NRV method). (Round the weights to five decimal placos.)