Use the information below to answer the following question(s). Raynor Manufacturing purchases trees...
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Use the information below to answer the following question(s). Raynor Manufacturing purchases trees from Tree Nursery and processes them up to the split off point, where two products (paper and pancil casings) are obtained. The products are then sold to an indapendent company that markets and distributes them to ratail ourtlets The following information was collacted for the month of October Trees processed: 50 trees (yield is 30,000 sheets of paper and 30,000 pancil casings and no scrap) Production Sales at $0.04 per pa encil casin 30,000 at $0.10 per casin Cost of purchasing 50 trees and processing them up to the split off point to yield 30,000 sheets of paper and 30,000 pencil casings is $1,500 Raynor Manufacturing's accounting department reported no beginning inventories; however, ending inventory amounts reflected 1,000 sheets of paper in stock What are the approximate joint costs assigned to the paper ending inventory if joint costs are allocated using the sales value at split off method? $420.55 $14.29 $435 00 $50.00
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