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CoursHeroTranscribedText: Self-Study Problem 7-1 (Algo) Joint Product Costing [LO 7-6] Northern lCompany processes 100 gallons...

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CoursHeroTranscribedText: Self-Study Problem 7-1 (Algo) Joint Product Costing [LO 7-6] Northern lCompany processes 100 gallons of raw materials into 75 gallons of product 6550 and 25 gallons of 6380. (3550 is further processed into 50 gallons of product (35505 at a cost of $5,600, and G380 is processed into 50 gallons of product (SS805 at a cost of $3,275. The production process starts at point 1. A total of $20,000 in joint manufacturing costs are incurred in reaching point 2. Point 2 is the splitoff point of the process that manufactures 6550 and (3580. At this point, (3850 can be sold for $450 a gallon, and (3580 can be sold for $90 a gallon. The process is completed at point 3products (38-505 and (38-805 have a sales price of $530 a gallon and $170 a gallon, respectively. Required: Allocate the joint product costs and then compute the cost per unit using each ofthe following methods: (1) physical measure, {2) sales value at splitoff, and (3] net realizable value. [Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)

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