es Sinclair Oil & Gas, a large energy conglomerate, jointly processes purchased hydrocarbons to generate three nonsalable intermediate products: ICR8, ING4, and XGE3. These intermediate products are further processed separately to produce crude oil, natural gas liquids (NGL), and natural gas (measured in liquid equivalents). (Click the icon to view the overview.) A federal law that has recently been passed taxes crude oil at 30% of operating income. No new tax is to be paid on natural gas liquids or natural gas. i (Click the icon to view additional information.) Overview of the process and results. Requirement 1. Allocate the August 2020 joint cost among the three products using the (a) Pr First, allocate the August 2020 joint cost using the physical-measure method. (Round the weig Physical measure of total production Crude Oil NGL Gas Tota An overview of the process and results for August 2020 are shown here (Note: The numbers are small to keep focus on key concepts.) Joint Costs $2,000 ICR8 Separable Costs Processing $130 Crude Oil 150 barrels @ $20 per barrel Weighting Joint costs allocated Get more help - Hydrocarbons Processing ING4 Processing $125 XGE3 Processing $235 Print Done NGL 125 barrels @ $19 per barrel Natural Gas 975 eqvt. barrels @ $1.40 per eqvt. barrel Clear all Check answer