Vanguard Company Makes Three Products,M,N,and P,which Come from a Joint

question 50

Essay

Vanguard Company makes three products,M,N,and P,which come from a joint process.The joint costs for each batch of the products are: $80,000 for direct materials,$40,000 for direct labor,and $30,000 for indirect costs (overhead).Each batch produces 10,000 pounds of product M with a market value of $6 per pound;5,000 pounds of N with a market value of $12 per pound;and 9,000 pounds of P with a market value of $10 per pound.
Required:
1)Determine the total amount of joint cost allocated to each of the products,assuming that the allocation is based on the weight of products produced.(Do not round your intermediate calculations.Round each of your final answers to the nearest whole dollar. )2)Determine the total amount of joint cost allocated to each of the products,assuming that the allocation is based on the market value of the products.(Do not round your intermediate calculations.Round each of your final answers to the nearest whole dollar. )

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Definitions:

Seven Rights

A guideline in medical practice emphasizing the importance of administering the right drug, at the right dose, at the right time, to the right patient, by the right route, with the right reason, and with the right documentation.

Drug Administration

The process by which a drug is provided to a patient, including the method and frequency of delivery.

Right Route

Pertains to ensuring medications or treatments are administered through the correct pathway or method as per medical guidelines to ensure efficacy and safety.

Sentinel Event

A significant adverse event in a healthcare setting, indicating a need for immediate investigation and response to improve safety.