Oregon Lumber processes timber into four products. During January, the joint costs of processing were $280,000. There was no inventory at the beginning of the month. Production and sales value information for the month is as follows:
Sales Value at
2 x 4's
$0.30 per board foot
2 x 6's
0.40 per board foot
4 x 4's
0.45 per board foot
0.10 per board foot
Question: Determine the value of ending inventory if the sales value at splitoff method is used for product costing. Round to 3 decimal places when necessary.
Total Board feet produced = 12,000,000
Total Processing Cost = $280,000
Board Feet ...
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