Innova Soy Products (NSP) buys soybeans and processes them into other soy products. Each ton of...

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Innova Soy Products (NSP) buys soybeans and processes them into other soy products. Each ton of soybeans that NSP purchases for $260 can be converted for an additional $180 into 500 lbs of soy meal and 160 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.16 and soy oil can be sold in bulk for $4.75 per gallon. NSP can process the 500 pounds of soy meal into 550 pounds of soy cookies at an additional cost of $350. Each pound of soy cookies can be sold for $2.16 per pound. The 160 gallons of soy oil can be packaged at a cost of $260 and made into 640 quarts of Soyola. Each quart of Soyola can be sold for $1.15. Read the requirements. Requirement 1. Allocate the joint cost to the cookies and the Soyola using the (a) Sales value at splitoff method and (b) NRV method. a. First, allocate the joint cost using the Sales value at splitoff method. (Round the weights to three decimal places and joint costs to the nearest dollar.) Cookies/ Soy Meal Soyolal Soy Oil Total Sales value of total production at splitoff Weighting Joint costs allocated b. Now allocate the joint cost to the cookies and the Soyola using the NRV method. (Round the weights to three decimal places and joint costs to the nearest dollar.) Cookies Soyola Total Final sales value of total production Deduct separable costs Net realizable value Weighting Joint costs allocated Innova Soy Products (NSP) buys soybeans and processes them into other soy products. Each ton of soybeans that NSP purchases for $260 can be converted for an additional $180 into 500 lbs of soy meal and 160 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.16 and soy oil can be sold in bulk for $4.75 per gallon. NSP can process the 500 pounds of soy meal into 550 pounds of soy cookies at an additional cost of $350. Each pound of soy cookies can be sold for $2.16 per pound. The 160 gallons of soy oil can be packaged at a cost of $260 and made into 640 quarts of Soyola. Each quart of Soyola can be sold for $1.15. Read the requirements. Requirement 1. Allocate the joint cost to the cookies and the Soyola using the (a) Sales value at splitoff method and (b) NRV method. a. First, allocate the joint cost using the Sales value at splitoff method. (Round the weights to three decimal places and joint costs to the nearest dollar.) Cookies/ Soy Meal Soyolal Soy Oil Total Sales value of total production at splitoff Weighting Joint costs allocated b. Now allocate the joint cost to the cookies and the Soyola using the NRV method. (Round the weights to three decimal places and joint costs to the nearest dollar.) Cookies Soyola Total Final sales value of total production Deduct separable costs Net realizable value Weighting Joint costs allocated