Physical and sales value allocations FINS produces three products from its fish farm: fish, fish...
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Physical and sales value allocations FINS produces three products from its fish farm: fish, fish oil, and fish meal. During July, FINS produced the following average quantities of each product from each pound (16 ounces) of fish processed: Obtained from Each Product Pound of Fish Fish 8 ounces Fish oil Fish meal Total 4 ounces 2 ounces 14 ounces Of each pound of fish processed, two ounces are waste (assume 12.5% for calculations). In July, FINS processed 37.5 tons of fish (1 ton equals 2,000 pounds). Joint cost amounted to $142,800. On average, each pound of product has the following selling prices: fish, $4.50; fish oil, $6.50; and fish meal, $2. a. Allocate the joint cost using weight as the basis. Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar. $ 0 x Fish Fish Oil Fish Meal Total 0 x $ OX b. Allocate the joint cost using sales value as the basis. Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar. $ 0X 0X Fish Fish Oil Fish Meal Total 0X $ 0X
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