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Pam Inc. produces joint products O, P, and Q from a joint process. Information concerning...

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Question

Accounting

Pam Inc. produces joint products O, P, and Q from a joint process. Information concerning a batch produced in May at a joint cost of $90,000 was as follows

After Split - Off
Product

Units

Produced

Additonal

Costs

Market

Values
O 1,400 $22,000 $70,000
P 3,200 16,000 60,000
Q 6,400 4,000 8,000

Required:

(1) Allocate the joint costs to the joint products using the physical measures method.

(2) Allocate the joint costs to the joint products using the net realizable method.

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