Question

Venezuela Oil Inc. transports crude oil to its refinery where it is processed into main products gasoline, kerosene, and diesel fuel, and by-product base oil. The base oil is sold at the split-off point for $1,000,000 of annual revenue, and the joint processing costs to get the crude oil to split-off are $10,000,000. Additional information includes:
Required:
Determine the allocation of joint costs using the net realizable value method, rounding the sales value percentages to the nearest tenth of a percent.


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  • CreatedMarch 31, 2015
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