Problem 1 – Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 20X2, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer

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Question is attached !!

Problem 1

– Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes.  During the summer of 20X2, the joint costs of processing the tomatoes were $420,000.  There was no beginning or ending inventories for the summer.  Production and sales value information for the summer is as follows:

Question: Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product.  

Problem 2 – Zenon Chemical, Inc. processes pine rosin into three products: turpentine, paint thinner, and spot remover.  During May, the joint costs of processing were $240,000.  Production and sales value information for the month is as follows:

Sales Value at Splitoff Point

6,000 liters

Question: Determine the amount of joint cost allocated to each product if the physical-measure method is used.  

Problem 3 – Oregon Lumber processes timber into four products.  During January, the joint costs of processing were $280,000.  There was no inventory at the beginning of the month.  Production and sales value information for the month is as follows:

Question: Determine the value of ending inventory if the sales value at splitoff method is used for product costing.  Round to three decimal places when necessary.