Compute the total joint product costs before allocation, Accounting Basics

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Compute the total joint product costs before allocation

Question:

Net Realizable Value Method to Solve for Unknowns

GG Products, Inc., prepares tips and stems from a joint process using asparagus. It produced 240,000 units of tips having a sales value at the split-off point of $63,000. It produced 240,000 units of stems having a sales value at split-off of $15,750. Using the net realizable value method, the portion of the total joint product costs allocated to tips was $36,000.

Required

Compute the total joint product costs before allocation.

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Accounting Basics: Compute the total joint product costs before allocation

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Accounting Basics: Compute the total joint product costs before allocation

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