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question archive Stenback Company is one of the? world's leading corn refiners

Stenback Company is one of the? world's leading corn refiners

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Stenback Company is one of the? world's leading corn refiners. It produces two joint? products, corn syrup and corn? starch, using a common production process. In July 2015, Stenback reported the following production and selling price? information:

 

Corn Syrup

Corn Starch

Joint Costs

Joint costs (costs of processing corn to splitoff point)

   

$322,000

Separable cost of processing beyond splitoff point

$361,680

$83,020

 

Beginning inventory (cases)

0

0

 

Production and sales (cases)

12,700

6,200

 

Ending inventory (cases)

0

0

 

Selling price per case

$49

$22

 

Required

Allocate the $322,000 joint costs using the NRV method.

 

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