Question is attached !!
Problem 1 – Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 20X2, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer is as follows: Product?Cases?Sales Value at Splitoff Point?Separable Costs?Selling Price??Catsup?100,000?$6 per case?$3.00 per case?$28 per case??Juice?150,000?8 per case?5.00 per case?25 per case??Canned?200,000?5 per case?2.50 per case?10 per case??Question: Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product. Problem 2 – Zenon Chemical, Inc. processes pine rosin into three products: turpentine, paint thinner, and spot remover. During May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows: Product?Units Produced?Sales Value at Splitoff Point??Turpentine?6,000 liters?$60,000??Paint thinner?6,000 liters?50,000??Spot remover?3,000 liters?25,000??Question: Determine the amount of joint cost allocated to each product if the physical-measure method is used. Problem 3 – Oregon Lumber processes timber into four products. During January, the joint costs of processing were $280,000. There was no inventory at the beginning of the month. Production and sales value information for the month is as follows: ? ?Sales Value at??Product?Board feet?Splitoff Point?Ending Inventory??2 x 4’s?6,000,000?$0.30 per board foot?500,000 bdft.??2 x 6’s?3,000,000?0.40 per board foot?250,000 bdft.??4 x 4’s?2,000,000?0.45 per board foot?100,000 bdft.??Slabs?1,000,000?0.10 per board foot?50,000 bdft.??Question: Determine the value of ending inventory if the sales value at splitoff method is used for product costing. Round to three decimal places when necessary.