AllCanada Wire Products processes copper into wire.It makes 12 gauge and 14 gauge wire.During April the joint costs of processing the aluminium were $365,000.There were no beginning or ending inventories for the month.Production and sales value information for the month were as follows:
Required:
Determine the amount of joint costs allocated to each product if the constant gross margin percentage of NRV method is used.
Definitions:
Current Liabilities
Obligations or debts that a company must pay within one year or within the normal operating cycle.
Federal Depository Bank
A financial institution that is authorized to hold deposits for the Federal Reserve System and process related transactions.
Payroll Taxes
Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay their staff, including social security and Medicare taxes in the United States.
Contingent Liabilities
Potential financial obligations that may occur depending on the outcome of a future event.
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