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Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three
Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Mining $ 476,000 Plant A $ 418,000 Manufacturing overhead $ 392,000 $ 347,200 Plant B $ 284,000 $ 140,000 Products Units sold Metal-B 200,000 Metal-C 79,000 Units in ending inventory (December 31) Sales revenue 0 76,000 $ 197,500 Metal-A 230,000 79,000 $ 1,150,000 $ 590,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs. Required: Compute the following: a. The net realizable value of Metal-C for the period ended December 31. b. The joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending inventory for Metal-C. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a. Net realizable value of Metal-C b. Joint costs c. Cost of Metal-B sold d. Ending inventory for Metal-C
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