Making a journal entry–joint products Louisville Lumber Co. processes rough timber to o...

Making a journal entry–joint products

Louisville Lumber Co. processes rough timber to obtain three grades of finished lumber, A, B, and C. The company allocates joint costs to the joint products on the basis of market value. During the month of May, Louisville incurred total production costs of $300,000 in producing the following:

Make the journal entry to transfer the finished lumber to separate inventory accounts for each product.