By$-$product; net realizable value method

Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split$-$off or after

further processing. In October, the joint cost of the production process was $$312,400.$

a$.$ The remnants are considered a by$-$product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split$-$off. Use the net

realizable value method to account for the by$-$product, subtracting the by$-$product cost from the cost of Work in Process Inventory$$Joint Products.

b$.$ Determine the value of ending Finished Goods Inventory, assuming that $8,800$ pounds of salmon fillets, $5,280$ pounds of smoked salmon, and $770$ pounds of salmon remnants were sold.

Note: Round cost per pound to the nearest penny in your calculations.

Note: Round your final answers below to the nearest whole dollar.