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Renkas Company is one of the world's leading corn refiners. It produces two joint products-com syrup and corn starch-using a common production process. In
Renkas Company is one of the world's leading corn refiners. It produces two joint products-com syrup and corn starch-using a common production process. In July 2017, Renkas reported the following production and selling-price information: (Click the icon to view the information.) Requirement Allocate the $324,000 joint costs using the NRV method. (Round the weights to two decimal places.) Final sales value of total production Deduct separable costs NRV at splitoff point Weighting Joint costs allocated Corn syrup Corn starch Total Data table Joint costs (costs of processing corn to splitoff point) Separable cost of processing beyond splitoff point Beginning Inventory (cases) Production and Sales (cases) Ending inventory (cases) Selling price per case Print Corn Syrup Corn Starch Joint Costs S 324,000 $ $ Done 395,100 $ 0 12,800 0 50 $ 83,100 0 5,700 0 26 X
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Final sales value of Corn Syrup Number of cases sold x Selling price per unit 12500 x 50 625000 ...Get Instant Access to Expert-Tailored Solutions
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