Lorraine Fertilizer manufactures several different types of fertilizer for the agriculture industry. Phosphorous is a...
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Lorraine Fertilizer manufactures several different types of fertilizer for the agriculture industry. Phosphorous is a major component of several of Lorraine's products. 2,000 pounds of phosphorous costs $18,000. Lorraine makes the following products by mixing phosphorous with various other chemicals: Product Pounds of output Further processing costs Final sales value Growfast 900 $ 4,000 $ 28,000 Longlast 600 2,000 32,000 Weedgone 500 7,000 73,000 Lorraine uses the physical measures method to allocate joint costs. Calculate the value of each of the following items. Select the answer nearest to your calculated answer. Slight differences may occur due to rounding. 1. $4,500 2. $9,880 3. $9,900 Total gross margin
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