Using the approximate relative sales value method, determine the joint cost allocated to each product.

Problem 1: Cracker Refining Company (Joint Costs) Cracker Refining Company produces 3 different chemicals: X, Y and Z. A batch costing $23,750 produces the following: Chemicals Gallons Produced Unit Sales Price 12,500 5,000 10,000 Additional Cost beyond split-off $10,000 5,000 15,000 $4.00 8.00 3.50 (1) Using the approximate relative sales value method, determine the joint cost allocated to each product. (1 point)