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Use the sales value basis to (1) allocate the total cost of the raw milk...

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Accounting

Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each
type of milk.A dairy company processed raw milk for $67,500. This raw milk can be converted into the following types of milk with listed sales values.
Joint Products Sales Value
Whole milk $ 32,500
2% milk 52,000
Skim milk 45,500
Total $ 130,000
Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each type of milk.
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