Sinclair Company is one of the world's leading corn refiners. It produces two joint products, corn syrup and corn starch, using a common production process. In July 2018, Sinclair reported the following production and selling price information:

Required

Allocate the $326,000 joint costs using the NRV method.

Corn Syrup Corn Starch Total

Final sales value of total production

Deduct separable costs

NRV at splitoff point

Weighting

Joint costs allocated

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 Corn Syrup Corn Starch Joint Costs $ 326,000 $ 372,760 $ 65,040 0 0 12,400 5,800 0 0 49 $ 24