Exercise $24-23$A $($Algo$)$ Assigning joint product costs LO C$2$

A dairy company processed raw milk for $$65,000.$ This raw milk can be converted into the following types of milk with listed sales values.

Joint Products Sales Value

Whole milk $ $30,000$

$2\%$ milk $48,000$

Skim milk $42,000$

Total $ $120,000$

Use the sales value basis to $(1)$ allocate the total cost of the raw milk to each type of milk and $(2)$ determine the gross profit for each type of milk.Exercise $24-23$A $($Algo$)$ Assigning joint product costs LO C$2$

A dairy company processed raw milk for $$65,000.$ This raw milk can be converted into the following types of milk with listed sales

values.

Use the sales value basis to $(1)$ allocate the total cost of the raw milk to each type of milk and $(2)$ determine the gross profit for each

type of milk.