A company manufactures three joint products and one by-product from a single process.
Data for May are as follows.
Opening and closing inventories???????????????????????????????? Nil?
Raw materials input?????????????????????????????????????????????? $180,000?
Conversion costs?????????????????????????????????????????????????? $50,000?
Output??????????????????????????????????????????????????????????????????? Units??????? ???????????????????????????????? Sales price $ per unit
Joint product ?L????????????????????????????????????????????????????? 3,000???????????????????????????????????????????????? 32
???????????????????? ?M????????????????????????????????????????????????????? 2,000???????????????????????????????????????????????? 42
????????????????????? N????????????????????????????????????????????????????? 4,000???????????????????????????????????????????????? 38
By-product R??????????????????????????????????????????????????????????1,000???????????????????????????????????????????????? 2
By-product sales revenue is credited to the sales account. Joint costs are apportioned on a sales value basis.
What were the full production costs of product M in May (to the nearest $)?