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FINS produces three products from its fish farm: fish, fish oil, and fish meal. During July,...

FINS produces three products from its fish farm: fish, fish oil, and fish meal. During July, FINS produced the following average quantities of each product from each pound (16 ounces) of fish processed:

Obtained
from Each
Product Pound of Fish
Fish 8 ounces
Fish oil 4 ounces
Fish meal 2 ounces
Total 14 ounces

Of each pound of fish processed, two ounces are waste (assume 12.5% for calculations). In July, FINS processed 37.5 tons of fish (1 ton equals 2,000 pounds). Joint cost amounted to $142,800. On average, each pound of product has the following selling prices: fish, $4.50; fish oil, $6.50; and fish meal, $2.

a. Allocate the joint cost using weight as the basis.
Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar.

Fish
Fish Oil
Fish Meal
Total

b. Allocate the joint cost using sales value as the basis.
Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar.

Fish
Fish Oil
Fish Meal
Total
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