Question: Greetings, I do not know how this answer was obtained. Please break down the steps in details. Landmark Coal operates a mine. During July, the

Greetings,

I do not know how this answer was obtained. Please break down the steps in details.

Landmark Coal operates a mine. During July, the company obtained 500 tons of ore, which yielded 250 pounds of gold and 63,100 pounds of copper. The joint cost related to the operation was $500,000. Gold sells for $325 per ounce and copper sells for $0.87 per pound.Allocate the joint costs using relative weight. With these costs, what is the profit or loss associated with Copper?

Answer:

-443,129.84

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Weight of the Copper * Selling Price = $Revenue

Minus

Percentage which is Copper/Total Weight x Joint Costs = Cost

Revenue - Cost = Profit or Loss

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