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Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is
Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at splitoff or after further processing. In October, the joint cost of the production process was $ Byproduct; net realizable value method
Products.
b Determine the value of ending Finished Goods Inventory, assuming that pounds of salmon fillets, pounds of smoked salmon, and pounds of salmon remnants were sold.
Note: Round cost per pound to the nearest penny in your calculations.
Note: Round your final answers below to the nearest whole dollar.
Product Pounds Produced Separate Cost Final Selling Price
Fillet $ $
Smoked
Remnants
a The remnants are considered a byproduct of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at splitoff. Use the net realizable value method to account for the byproduct, subtracting the byproduct cost from the cost of Work in Process InventoryJoint Products.
Fillet Answer
Smoked Answer
Total Answer
b Determine the value of ending Finished Goods Inventory, assuming that pounds of salmon fillets, pounds of smoked salmon, and pounds of salmon remnants were sold.
Note: Round cost per pound to the nearest penny in your calculations.
Note: Round your final answers below to the nearest whole dollar.
Inventory values:
Fillet Answer
Smoked Answer
Remnants Answer
Total inventory value Answer
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