Soy Products produces two products, Soyburgers and Soy steaks, in a single process. In 2016, the Joint costs of this process were $36,000, In addition, 20,000 pounds of soyburgers and 10,000 pounds of soy steaks were produced. Separable processing costs beyond the split-off point were: soyburgers, $7,500: soy steaks $4,500. Soyburgers sells for $2 per pound; Soy steaks sells for $4 per pound. 

 

Required: 

a. Allocate the joint costs using the net realizable value method. 

b. Allocate the joint costs using the physical units method. 

Answer rating: 100% (QA)

Soy Burgers Soy steaks Total Sales revenue Selling price units 40000 ... View the full answer