Homework: Chapter 16 Homework Score: 0 of 1 pt E16-20 (similar to) Save 1 of 4 (0 complete) Hw Score: 0%, 0 of 4 pts Question Help * The Keeva Company operates a simple chemical process to convert a single material into three separate items, referred to here as X, Y, and Z. All three end products are separated simultaneously at a single splitoff point. Products X and Y are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for Z at the splitoff point. The selling prices quoted here are expected to remain the same in the coming year. During 2014, the selling prices of the items and the total amounts sold were: (Click the icon to view the sales information.) The total joint manufacturing costs for the year were S440,000. Keeva spent an additional $120,000 to finish product Z. There were no beginning inventories of x, Y, or Z. At the end of the year, the following inventories of completed units were on hand: X, 130 tons; Y, 75 tons, Z, 126 tons. There was no beginning or ending work in process. Read the requirements. Requirement 1. Compute the cost of inventories of X, Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2014, using the (a) NRV, and the (b) constant gross-margin percentage NRV cost allocation methods. (a) Start with the NRV cost allccation methcd. Begin by computing the net realizable value for total production at the point of splitoff and the weighting for each product (Enter the weights to two decimal places.) Total Net realizable value of total production at splitoff Weighting Data Table Requirements 1. Compute the cost of inventories of X, Y, and Z for balance sheet purposes and the cost of X-120 tons sold for S1 ,800 per ton Y225 tons sold for $1,300 per ton Z-224 tons sold for $800 per ton goods sold for income statement purposes as of December 31, 2014, using the following joint cost allccation methods a. NRV method b. Consta nt gross-margin percentage NRV method 2. Compare the gross-margin percentages for X, Y, and Z using the two methods given in PrintDone Enter any number itn Print Done parts remaining Check