Exercise 11-47 (Algo) Net Realizable Value Method with By-Products (LO 11-7, 10) Butterfly Corp. manufactures products M1 and M2 from a joint process, which also yields a by-product, B1. Butterfly accounts for the revenues from its by-product sales as other income. Additional information follows: M1 M2 B1 Units produced 21,700 13,600 9,900 Allocated joint costs ? ? Total 45,200 ? $351,000 Sales value at split-off $378,000 $252,000 $94,000 $724,000 Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated to product M1? (Do not round intermediate calculations.) Joint cost of product M1