Trundle Ltd.produces two main products, J and K; and, a byproduct, L.There were no beginning inventories.During April, it incurred $275,000 of joint costs, which are allocated to main products using the physical output method.Additional information follows:
Required:
Assuming Trundle recognizes byproduct revenue at the time of production, what is the total value of ending inventory?
Definitions:
Quantity Supplied
The total supply of a good or service that producers are prepared to sell at a designated price over a fixed timeframe.
Quantity Demanded
The total amount of a good that buyers are willing and able to purchase at a given price within a specific time period.
Excess Demand
A situation where the demand for a product exceeds its supply at the current price, often leading to price increases.
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price.
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