Question 7 A company manufactures three joint products and one by-product from a single process. Data for May are as follows. Opening and closing inventories Raw materials input Conversion costs $180,000 $50,000 Output Sales price $ per unit Units 3,000 2,000 4,000 1,000 Joint product L 32 42 38 By-product R By-product sales revenue is credited to the sales account. Joint costs are apportioned on a sales value basis. What were the full production costs of product M in May (to the nearest $)? Question 8 Two products G and H are created from a joint process. G can be sold immediately after split-off. H requires further processing before it is in a saleable condition. There are no opening inventories and no work in progress. The following data are available for last period: Total joint production costs Further processing costs (product H) 384,000 159,600 Selling price per unit $0.84 $1.82 Sales Units 400,000 200,000 Units 412,000 228,000 Using the physical unit method for apportioning joint production costs, what was the cost value of the closing inventory of product H for last period? Question 9 A company uses process costing to establish the cost per unit of its output. The following information was available for the last month: 10,000 9,850 300 units, 100% complete for materials and 70% complete for conversion costs 450 units, 100% complete for materials and 30% complete for conversion costs Input units Output units Opening inventory Closing inventory The company uses the weighted average method of valuing inventory What were the equivalent units for conversion costs