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Joint cost allocation - weighted average method Gary's Grooves Co. produces two types of carving knives, one with a handle made of a polymer that looks like walnut wood and another with a handia made with a polymer that looks like red oak. The knives are made through a joint production molding process that produces 340 knife blades for red oak handle knives and 120 knife blades for walnut handle knives at the split-off point. The polymer for the red oak handle knife blades requires twice as much cooling time as the polymer for the walnut handle knife blades, although all knives are removed from the joint molding process at the same time conce the cooling for the red oak handle knives is complete). The joint production process costs a total of $ 6,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X1 Open spreadsheet Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of knife using the weighted average method. Round your answers to the nearest dollar Joint Product Allocation Red oak handie carving knife 5 Walnut handle carving knife Totals Joint cost allocation - net realizable value method Nature's Garden Inc. produces wood chips, wood pulp, and mulch. These products are produced through harvesting trees and sending the logs through a wood chipper machine. One batch of logs produces 20,760 cubic yards of wood chips, 14,950 cubic yards of mulch, and 9,586 cubic yards of wood pulp, The joint production process costs a total of $31,000 per batch. After the split-off point, wood chips are immediately sold for $27 per cubic yard while wood pulp and mulch are processed further. The market value of the wood pulp and mulch at the split-off point is estimated to be 520 and $30 per cubic yard, respectively. The additional production process of the wood pulp costs $3 per cubic Yard, after which it is sold for $28 per cubic yard. The additional production process of the mulch costs $2 per cubic yard, after which it is sold for $38 per cubic Yard. This Information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Allocate the joint costs of production to each product using the net realizable valise method. Do not round Intermediate calculations. Round your answers to the nearest dollar Joint Product Allocation Wood chips Wood pulp Mulch Totals
