Cohan Company is a corn refiner. The company produces two joint products-corn syrup and corn starch...
Cohan Company is a corn refiner. The company produces two joint products-corn syrup and corn starch using a common production process. The following production and selling price information is available.
CORN SYRUP CORN STARCH JOINT COSTS
Joint costs (cost of processing) $321,000
Separable cost of processing $430,560 $94,740
Production and sales (cases) 12,900 6,500
Selling price per case $52 $25
Prepare a diagram to include joint costs, separable costs, and final products with the sales value.
Homework Answers
Solution:
| Particulars | Cornsyrup | Cornstarch | Total |
| Final sales value of total production | 670,800 | 162,500 | 833,300 |
| Deduct separable costs | 430,560 | 94,740 | 525,300 |
| NRV at split off point | 240,240 | 67,760 | 308,000 |
| Weighting | 0.78 | 0.22 | 1 |
| Joint costs allocated | 335,837 | 20,843 | 356,680 |
Working:
Final sales value of total production:
Cotnsyrup : (12900*52)=670800
Cornstarch: (6500*25)=162500
Weighting:
Cornsyrup: (240240/(240240+67760))=0.78
Cornstarch: (67760/(240240+67760))=0.22
Joint costs allocated:
Cornsyrup: (430560*0.78)=335837
Cornstarch:(94740*0.22)= 20843
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