Exxon Mobil Corporation processes crude oil into various refined products. In August 2033, the company processes 120,000 barrels of crude oil costing $6,000,000. The production yields gasoline and jet fuel:

Gasoline sells for $120 per barrel, and jet fuel sells for $100 per barrel.

Required:

• Allocate joint costs using the net realizable value method.
• Determine the cost per equivalent unit for gasoline and jet fuel.
• Calculate the total joint production costs allocated to each product.