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MINI-CASE Allocation of joint costs Clark Kent Inc. buys crypton for $0.80 a galion. At the end of processing in Dept. 1, crypton splits off into products plutonium, tantalum, and xenon. Plutonium is sold at the split-off point with no further processing. Tantalum and xenon require further processing before they can be sold. Tantalum is processed in Dept. 2, and xenon is processed in Dept. 3. Following is a summary of costs and other related data for the year ended December 31: Dept. Dept. 2 Dept.3 4,000 $51,000 65,000 Total 00,000 $77,500 114,000 Plutonium Tantalum Xenon 20,000 45,000 Galions on hand at December 31...10,000 No inventories were on hand at the beginning of the year, and no crypton was on hand at the end of the year. All gallons on hand at the end of the year were complete as to processing. Kent uses the relative sales value method of allocating joint costs. 9 Required: 1. Calculate the allocation of joint costs. 2. Calculate the total cost per unit for each product. 3. In examining the product cost reports, Lois Lane, vice president- Marketing, notes that the per-unit cost of tantalum is greater than the selling price of $3.20 that can be received in the competitive MINI-CASE Allocation of joint costs Clark Kent Inc. buys crypton for $0.80 a galion. At the end of processing in Dept. 1, crypton splits off into products plutonium, tantalum, and xenon. Plutonium is sold at the split-off point with no further processing. Tantalum and xenon require further processing before they can be sold. Tantalum is processed in Dept. 2, and xenon is processed in Dept. 3. Following is a summary of costs and other related data for the year ended December 31: Dept. Dept. 2 Dept.3 4,000 $51,000 65,000 Total 00,000 $77,500 114,000 Plutonium Tantalum Xenon 20,000 45,000 Galions on hand at December 31...10,000 No inventories were on hand at the beginning of the year, and no crypton was on hand at the end of the year. All gallons on hand at the end of the year were complete as to processing. Kent uses the relative sales value method of allocating joint costs. 9 Required: 1. Calculate the allocation of joint costs. 2. Calculate the total cost per unit for each product. 3. In examining the product cost reports, Lois Lane, vice president- Marketing, notes that the per-unit cost of tantalum is greater than the selling price of $3.20 that can be received in the competitive