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 $397,600. Product Pounds Produced Separate Cost Final Selling Price Fillet Smoked Remnants 50,400 56,000 5,600 $3.00 5.20 0.30 $16.00 13.00 1.50 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. $ 234,528 156,352 390,880 Fillet $ Smoked Total b. Determine the value of ending Finished Goods Inventory, assuming that 11,200 pounds of salmon fillets, 6,720 pounds of smoked salmon, and 980 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. Inventory values: Fillet Smoked Remnants $ 85,680 53,693 Total inventory value $ Check 5,544 x 144,917 x