Cost Accounting-Sherwood Lumber processes timber into four products

QUESTION

Sherwood 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 (bdft = board foot):Sales Value atProductBoard feetSplitoff PointEnding Inventory2 x 4’s6,000,000$0.30 per board foot500,000 bdft.2 x 6’s3,000,0000.40 per board foot250,000 bdft.4 x 4’s2,000,0000.45 per board foot100,000 bdft.Slabs1,000,0000.10 per board foot50,000 bdft.Required:Determine the value of ending inventory if the sales value at splitoff method is used for product costing. Record your answers in the Tables below. You do not have to show your work (calculations). Fill-in all of the cells below but not the cells noted with “xxxxxxx.” Round to 3 decimal places when necessary and you can omit $ signs.Answer:ProductBoard feetSales ValuePercentJoint CostAllocated2 x 4’s6,000,0002 x 6’s3,000,0004 x 4’s2,000,000Slabs1,000,000XxxxxxxXxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxTotalsXxxxxxxxx100%xxxxxxxxxxxProductFraction of Production in InventoryAllocatedInventory value2 x 4’s500,000/6,000,000 ×2 x 6’s250,000/3,000,000 ×4 x 4’s100,000/2,000,000 ×Slabs50,000/1,000,000 ×XxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxTotalxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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