Minnie Oil Co. produces three joint products: gasoline, kerosene, and naphtha. Total joint production cost for November was Php59,500. The units produced and unit sales prices at the split-off point were: Product Units Unit Sales Price Gasoline 10,000 Php5 Kerosene 15,000 4 Naphtha 20,000 3 In determining costs by the weighted average method, each unit is weighted as follows: Product Per Unit Weighting Gasoline 10.3 Kerosene 5 Naphtha 3 Required: Problem 1: Allocate the production cost, using: (1) The market value method (2) The weighted average method

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Minnie Oil Co. produces three joint products: gasoline, kerosene, and naphtha. Total joint production cost for November was Php59,500. The units produced and unit sales prices at the split-off point were: Product Units Unit Sales Price Gasoline 10,000 Php5 Kerosene 15,000 4 Naphtha 20,000 3 In determining costs by the weighted average method, each unit is weighted as follows: Product Per Unit Weighting Gasoline 10.3 Kerosene 5 Naphtha 3 Required: Problem 1: Allocate the production cost, using: (1) The market value method (2) The weighted average method
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