Homework: Chapter 17 - Homework < Question 5, E17-28 (similar to) Part 2 of 5 HW Score: 38.91%, 38.91 of 100 points Points: 1.11 of 20 Save Innerva Soy Products (MSP) buys soybeans and processes them into other soy products. Each ton of soybeans that MSP purchases for $360 can be converted for an additional $170 into 700 lbs of soy meal and 80 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1 and soy oil can be sold in bulk for $4.75 per gallon. MSP can process the 700 pounds of soy meal into 800 pounds of soy cookies at an additional cost of $300. Each pound of soy cookies can be sold for $2 per pound. The 80 gallons of soy oil can be packaged at a cost of $260 and made into 320 quarts of Soyola. Each quart of Soyola can be sold for $1.45. Read the requirements Requirement 1. Allocate the joint cost to the cookies and the Soyola using the (a) Sales value at splitoff method and (b) NRV method. a. First, allocate the joint cost using the Sales value at splitoff method. (Round the weights to three decimal places and joint costs to the nearest dollar) Cookies/ Soy Meal Soyolal Soy Oll Total Sales value of total production at splitoff S 700 $ 380 5 1,080 Weighting Joint costs allocated 0.048 343 5 0.352 1.000 187 5 530 b. Now allocate the joint cost to the cookies and the Soyola using the NRV method. (Round the weights to three decimal places and joint costs to the nearest dollar) Final sales value of total production Deduct separable costs Not realizable value Weighting Joint costs allocated Cookies Soyola Etavi nanes Get more hein Total Clear all Check answer