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Red Paper Company processes wood pulp into two products. During March the joint costs of processing ...

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Red Paper Company processes wood pulp into two products. During March the joint costs of processing ...

Red Paper Company processes wood pulp into two products. During March the joint costs of processing were $144,000. Production and sales value information for the month were as follows:

      Sales Value at
Product   Kilograms Produced    splitoff Point   Separable Costs
Paper   130,000   $80,000   $224,000
Cardboard   108,000    70,000    264,000

Paper sells for $2.75 a kilogram and cardboard sells for $3.50 a kilogram.

There were no beginning inventories for March but ending inventories totalled 10,000 kilograms for paper and 12,000 kilograms for cardboard.

Required:
Prepare a product line income statement assuming that joint costs are allocated on the constant gross margin percentage method based on total production. Present production costs and separable costs individually.

Textbook

Cost Accounting: A Managerial Emphasis, Canadian Edition

Edition: 7^th

Authors: Horngren, Datar, Rajan, Beaubien

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