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Two products (X and Z) are created from a joint process. Both products can be sold immediately after split-off. There are no opening inventories or

Two products (X and Z) are created from a joint process. Both products can be sold immediately after split-off. There are no opening inventories or work in progress.

The following information is available for last period:

Total joint production costs $700,000

ProductProduction units Sales unitsSelling price per unit

X 14 000 12 000 $11

Of 12,000 $8,000 $13

(a) Using the sales value method of apportioning joint production costs, what was the production value of product X and Z for last period?(4 marks)

(b) Provide THREE (3) differences between joint and by-products. Use suitable examples to support your answers.

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a Using the sales value method of apportioning joint production costs 1 Calculate the total sales value of both products Total sales value Sales units ... blur-text-image

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