Question 1 Indonesia Coconut Oil (IOC) Company produces two joint products, cooking oil and coconut milk from a single coconut oil refining process. In January 2007, the joint costs of this process were $12,000,000. Separable costs beyond the split-off point were cooking oil. $15,000,000 and coconut milk, $1,500,000. Cooking oil sells for $50 per gallon Coconut milk sells for $30 per gallon. IOC produced 2,000,000 gallons of cooking oil and 900,000 gallons of coconut milk. There are no beginnings but ending inventory was 200,000 gallons of cooking oil and 50,000 gallons of coconut milk. Required: a. Allocate the $12,000,000 joint cost using Net Realizable Value (NRV) and Physical method. (12 marks) b. Compute cost of goods sold from each product. (8 marks)