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	50,400	$3.00	$16.00
Smoked	56,000	5.20	13.00
Remnants	5,600	0.30	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 InventoryJoint Products.

Fillet	Answer
Smoked	Answer
Total	Answer

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	Answer
	Smoked	Answer
	Remnants	Answer
	Total inventory value	Answer