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By-product net realizable value method 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 split ott or after further processing in October, the joint cost of the production process was $284,000 Product Pounds Produced separate cost Final Selling Price 53.00 5.20 Reinants 2.000 0.30 36.000 $10.00 Smoked 40.000 13.00 150 3. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off, Use the net realizable value method to account for the by product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products $167.520 smoked 11.600 Total $279.200 3. Determine the value of ending Finished Goods Inventory, assuming that 8.000 pounds of salmon fillets, 4,800 pounds of smoked salmon and 700 pounds of salmon temnants were sold Note: Round cost per pound to the nearest penny in your calculations Inventory values 5.000 5.000 3.000 mante Tottentory was