Bismite Corporation purchases trees from Cheney lumber and processes them up to the split-off point where two products (paper and pencil casings) emerge from the process. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of October:

Trees processed:	310	trees
Production:	paper	190,000	sheets
	pencil casings	190,000
Sales:	paper	178,000	at $0.10 per page
	pencil casings	189,000	at $0.14 per casing

The cost of purchasing 310 trees and processing them up to the split-off point to yield 190,000 sheets of paper and 190,000 pencil casings is $13,500.

Bismite's accounting department reported no beginning inventory.

If the sales value at split-off method is used, what are the approximate joint costs assigned to ending inventory for paper? (Round intermediary percentages to the nearest hundredth.)

Question content area bottom

Part 1

A.

$355.29

B.

$379.24

C.

$497.34

D.

$29.61