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Required information Part 2 of 3 Problem 17-29 Joint Costs; Allocation and Production Decisions (LO 17-4, 17-5) (The following information applies to the questions displayed below.] 10 Biondi Industries is a manufacturer of chemicals for various purposes. One of the processes used by Biondi produces HTP-3, a chemical used in hot tubs and swimming pools; PST-4, a chemical used in pesticides; and RJ-5, a product that is sold to fertilizer manufacturers. Biondi uses the net-realizable-value method to allocate joint production costs. The ratio of output quantities to input quantities of direct material used in the Joint process remains consistent from month to month. Biondi Industries uses FIFO (first-in, first-out) in valuing its finished-goods inventories. points Data regarding Biondi's operations for the month of October are as follows. During this month, Biondi incurred joint production costs of $1,900,000 in the manufacture of HTP-3, PST-4, and RJ-5. HTP-3 PST-4 RJ-5 3,400 170,000 190,000 $ 68,000 Finished goods inventory in gallons (October 1) October sales in gallons October production in gallons Additional processing costs Final sales value per gallon 20,000 54,800 345,000 390,000 $856,000 2$ 690,000 780,000 $914,000 4.40 6.40 5.40 Problem 17-29 Part 2 2. Determine the dollar values of the finished-goods inventories for HTP-3, PST-4, and RJ-5 as of October 31. (Round intermediate calculations of "Cost per gallon" to the nearest cent.) X Answer is not complete. Value of inventory 2$ HTP-3 PST-4 RJ-5

Answer 1

		HPT 3	PST 4	RJ 5	Total
	$
Joint cost	1900000
Quantity produced in gallons		780000	390000	190000
Sales value per gallon ($)		4.4	6.4	5.4
Sales price ($)		3,432,000	2,496,000	1,026,000
Less: Additional cost pf processing ($)		914,000	856,000	68,000
Net realizable value		2,518,000	1,640,000	958,000
Relative proportion		49.22%	32.06%	18.73%	100.00%
Allocation of joint cost		935,145	609,070	355,786	1,900,000
Add: Additional processing cost		914,000	856,000	68,000	1,838,000
Total cost		1,849,145	1,465,070	423,786	3,738,000
Quantity produced in gallons		780000	390000	190000
Cost per Gallon		2.37	3.76	2.23
Inventory valuation
		HPT 3	PST 4	RJ 5
Opening finished goods on October 1		20000	54800	3400
Add: October production		780000	390000	190000
Less: October sales		690000	345000	170000
Closing finished goods on October 31		110000	99800	23400
Cost per Gallon		2.37	3.76	2.23
Dollar value of finished goods inventory		260,777	374,908	52,193