Exercise 9.26 (Part Level Submission) The Palm Oil Company buys crude coconut and palm nut oil. Refining this oil results in four products at the split-off point: soap grade, cooking grade, light moisturizer, and heavy moisturizer. Light moisturizer is fully processed at the split-off point. Soap grade, cooking grade, and heavy moisturizer can individually be refined into fine soap, cooking oil, and premium moisturizer. In the most recent month (June), the output at the split-off point was: Soap grade Cooking grade Light moisturizer Heavy moisturizer 100,000 L 300,000 L 50,000 L 50,000 L The joint costs of purchasing the crude coconut and palm nut oil and processing it were $100,000. There were no beginning or ending inventories. Sales of light moisturizer in June were $50,000. Total output of soap, cooking oil, and heavy moisturizer was further refined and then sold. Data relating to June are as follows: Separable Product Costs Sales $ 200,000 $ 300,000 Superior cooking oil 80,000 100,000 Premium moisturizer 90,000 120,000 Fine soap Palm Oil Company had the option of selling the soap grade, cooking grade, and heavy moisturizer at the split-off point. This alternative would have yielded the following sales for the June production: Soap grade Cooking grade Heavy moisturizer $ 50,000 30,000 70,000 (al) Allocate the joint cost, using the sales value at split-off point. (Round proportion to 4 decimal places, e.g. 0.2126 and final answers to whole amounts, e.g. 5,897.)