Milj-Spe AS produces two joint products, cooking oil and soap oil, from a single vegetable oil refining

Question:

Miljø-Såpe AS produces two joint products, cooking oil and soap oil, from a single vegetable oil refining process. In July 2008, the joint costs of this process were NKr 24,000,000. Separable processing costs beyond the split-off point were cooking oil, NKr 30, 000,000; and soap oil, NKr 7 500 000. Cooking oil sells for NKr 50 per drum. Soap oil sells for NKr 25 per drum. Miljø-Såpe produced and sold 1,000,000 drums of cooking oil and 500 000 drums of soap oil. There are no beginning or ending of cooking oil or soap oil.
Required
Allocate the NKr 24000000 joint costs using the estimated NRV method.
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