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A 1 B C D E F G H QUESTION 2 Joint Costs (20 MARKS) Version The Morton Company processes unprocessed milk up to the splitoff point where two products: condensed milk and skim milk result. The following information was collected for the month of October: Production litres Production Condensed milk Skim milk Sales price 16.000 20,000 $5.40 S4 60 The costs of purchasing the unprocessed milk and processing it up to the splitoff point was $80,000 Condensed milk may be processed further to yield 10,500 litres of a medicinal milk product, Xyla, for an additional processing cost of $46,000. Xyla can be sold for $12 per litre Skin milk can be processed further to yield 30,100 litres of ice cream, Patar, for an additional processing cost of $63,000. The product can be sold for $5.80 per litre Production Medicinal milk Ice cream Production litres 10.500 30.100 Sales price $ 12.00 $5.80 Required: 1. Use the NRV method to allocate joint costs to Medicinal milk and Ice cream. (6 markea 2. Should the company have processed the condensed milk and skim milk further? Show your detailed work and state your decision for each of the products. (6 marks) 3. Now assume a by product results from the joint process. The 2,000 litre by product can be sold to a fertilizer plant for $1.50/litre. Morton company accounts for the by-product using the production method. What are the amount of joint costs to be allocated to Condensed milk and Skim milk using the sales value at split-off method ? (6 marks) 4. If the company accounts for the by-product using the sales method, how would it affect the Joint costs allocation? Comment only do not calculate ( 2 marks)