5. [Answer & Solving Process] The Alfarm Corporation processes raw milk up to the split-off point where three products, cream, butter, and cheese, are produced and sold. In June, Alfarm produces 10,000 gallons of cream; 12,000 gallons of butter, and 19,000 gallons of cheese. Selling prices per gallon at split-off point of cream, butter, and cheese are $90, $60, and $20, respectively. Joint costs up to the split-off point are $187,500. If Alfarm uses sales value at split off method, what amount of joint costs will be allocated to cheese? (Round the final answer to the nearest integer.) 1 $84,375 2 $67,500 3 $380,000 4 $22,059 5 $35,625 6. [Answer Only) Which of the following is true of weighted-average and FIFO (First-In, First-Out) process costing? 1 The weighted average method arrives at the same unit costs as arrived under FIFO method, but the computations are easier under weighted-average process-costing. 2 The FIFO process costing method assumes that the units in beginning inventory are completed later 3 The FIFO method calculates the cost per equivalent unit of all work done to date regardless of the accounting period in which the work was done. 4 In the period of rising prices, weighted average process-costing method will result in higher operating income as compared to FIFO process-costing method. 6 A major advantage of using the FIFO process-costing method is that FIFO provides managers with information about changes in the costs per unit from one period to the next