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I need help with part C Your Uncle Richard has a wool business in Ireland. The company first shears the sheep and then washes the

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedI need help with part C

Your Uncle Richard has a wool business in Ireland. The company first shears the sheep and then washes the wool, at which point it has wool fiber and crude lanolin. Then the wool fibers are further processed to make yarn, and the crude lanolin is processed further to make lanolin cream. Uncle Richard asks for your help in allocating costs and determining profitability. Here is the information he sent: Your answer is correct. If Uncle Richard uses the sales value at split-off method to allocate the joint costs, determine gross margin for each product, recognizing that both products are sold after further processing. (Round proportion to 1 decimal place, e.g. 0.2 and final answers to 0 decimal places, e.g. 5,125.) (b) V Your answer is correct. If Uncle Richard uses the NRV method to allocate joint costs, determine gross margin for each product, again recognizing that both products are sold after further processing. (Round answers to 2 decimal places, e.g. 15.25.) Since not all of the lanolin cream is sold, determine the ending inventory cost for the lanolin cream under both the sales value at split-off method and the NRV method. (Round answers to 2 decimal places, e.g. 15.25.)

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