simultaneously at a single splitoff point. (i) (Click the icon for additional information.) x/, Question 1 x/, Question 2 Question 3 Question 4 x/ Question 5 (1) (Click the icon to view the sales information.) Read the requirements. Net realizable value of total production at splitoff Weighting total production costs of each product using the NRV method. (Enter a "0" for any cells with a zero balance.) NRV method: Joint costs allocated Additional costs to process Total productions costs Determine the formula needed to compute the cost of goods sold using the NRV method. Total cost to produce Units sold Units produced = Cost of goods sold (NRV method) Compute the cost of goods sold for income statement purposes as of December 31,2020 , using the NRV cost allocation method. \begin{tabular}{lcccc} NRV method: & X & Y & Z & \multicolumn{1}{c}{ Total } \\ \cline { 2 - 5 } Cost of goods sold & 56,000 & 144,000 & 294,500 & 494,500 \end{tabular} Determine the formula needed to compute the cost of ending inventory using the NRV method. Total cost to produce Units on hand Units produced = Ending inventory (NRV method) Compute the cost of inventories of X,Y, and Z for balance sheet purposes as of December 31, 2020, using the NRV cost allocation method. NRV method: Determine the formula needed to compute the cost of goods sold using the NRV method Total cost to produce Units sold Units produced Compute the cost of goods sold for income statement purposes as of December 31, 202 \begin{tabular}{lcccc} NRV method: & X & Y & Z & \multicolumn{1}{c}{ Total } \\ \cline { 2 - 5 } Cost of goods sold & 56,000 & 144,000 & 294,500 & 494,500 \end{tabular} Determine the formula needed to compute the cost of ending inventory using the NRV m Units on hand Units produced Compute the cost of inventories of X,Y, and Z for balance sheet purposes as of Decemb NRV method: More info - X70 tons sold for $2,000 per ton - Y240 tons sold for $1,500 per ton - Z380 tons sold for $1,000 per ton The total joint manufacturing costs for the year were $400,000. Resch spent an additional $250,000 to finish product Z. There were no beginning inventories of X, Y, or Z. At the end of the year, the following inventories of completed units were on hand: X,130 tons; Y, 60 tons; Z,20 tons. There was no beginning or ending work in process