Question: I only need help with problem 3 - just added other info and problems 1 & 2 for more information The following information relates to

I only need help with problem 3 - just added other info and problems 1 & 2 for more information

The following information relates to a joint production process for three products, with a total joint production cost of $160,000. There are no separable processing costs for any of the three products.

What amount of joint cost is allocated to each of the three products using the relative sales value method? - I know this is correct.

Product 1 = 120,000

Product 2 = 24,000

Product 3 = 16,000

2. What amount of joint cost is allocated to each of the three products using the physical units method? I know this is correct.

1. 20% x160,000=32000

2. 30%x 160,000 = 48000

3. 50% x 160,000 = 80,000

Product 1 = 32000

Product 2 = 48000

Product 3 =80,000

3. Assume that the total sales value at the split-off point for product 1 is $112,000 instead of $240,000 and the sales value of product 3 is $3,200 instead of $32,000. Assume also that the firm treats product 3 as a joint product and uses the net realizable value method for accounting for joint costs. There are no separable processing costs for product 3. What amount of joint costs would be allocated to the three products using the relative sales value method?(Round your intermediate percentage values to 2 decimal places (i.e. 24.35%) and final answers to nearest whole dollar amount.) - This is my problem - please help!

Product Sale Value % total

1 112,000 70% 109760

2 48000 30% 47040

3 3200 3200

163,200 156800

160000 - 3200 = 156800

70% x 156800 = 109760

30 % x 156800 = 47040

Per my mcgraw connect all of my product are incorrect - what am I doing wrong

Product 1 = should it = 109760

Product 2 - should it = 47040

product 3 - should it - 3200

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