BC Lumber processes timber into four products.During January the joint costs of processing were $280,000.There was no beginning inventory at the beginning of the month.Production and sales value information for the month were as follows:
Required:
Determine the value of ending inventory if the physical measures method is used for product costing.Round to 3 decimal places when necessary.
Definitions:
Company Owned Store
A retail establishment directly controlled and operated by the corporation that owns the brand, as opposed to a franchise.
Manager
An individual responsible for controlling or administering all or part of a company or similar organization.
Sharing Contracts
Agreements that involve distribution of profits or losses among parties based on pre-determined criteria.
Franchising
A method of business expansion where a company (franchisor) allows individuals (franchisees) to operate a business using its trademarks and business model.
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