The Evrett Company operates a simple chemical process to convert a single material into three separate items, referred to here as X, Y, and Z. All three end products are separated simultaneously at a single split off point. 

Products X and Y are ready for sale immediately upon split off without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for Z at the splitoff point. The selling prices quoted here are expected to remain the same in the coming year. During 2012, the selling prices of the items and the total amounts sold were as follows: 

 

X75 tons sold for $1,800 per ton

Y225 tons sold for $1,300 per ton

Z280 tons sold for $800 per ton The total joint manufacturing costs for the year were $328,000. Evrett spent an additional $120,000 to finish product Z. There were no beginning inventories of X, Y, or Z. At the end of the year, the 

following inventories of completed units were on hand: X, 175 tons; Y, 75 tons; Z, 70 tons. There was no beginning or ending work in process.

 

Compute the cost of inventories of X, Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2012, using the NRV method.(2pts)