Using Total Gallon as the cost driver, how much (dollars) would be allocated to the Medium Grade joint product? See circle pn the photo below

Ocewth Google Docs EXERCISE 2: Axdom Petroleum operates an oll refining facility that produces three different grades of fuel. Following are the production and sales information for the month of August. Product Low grade Regular grade Premium grade TOTAL Gallons Produced 336,000 480,000 384,000 1,200,000 Sales Value at Split-off Point $175,000 460,000 405,000 $1,040,000 The Joint Costs of processing for August were $624,000. Determine the amount of joint costs allocated based on the gallons produced Step 1: Compute an allocation rate (Round to two digits beyond the decimal point), Total Joint Costs Allocation Rate Cost Driver(Allocation Base) Total Gallons produced $ 1 E $ per gallon 31 Step 2: Allocate costs based on gallons produced Allocation Rate Low grade $ Gallons Allocated gallons $ Medium grade $ X gallons $ Premium erade $ Ballons TOTAL