12. Question Content Area Joint Cost Allocation—Weighted Average Method Gary’s Grooves Co. produces two types of carving

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12.
Question Content Area
Joint Cost Allocation—Weighted Average Method
Gary’s Grooves Co. produces two types of carving knives, onewith a handle made of a polymer that looks like walnut wood andanother with a handle made with a polymer that looks like red oak.The knives are made through a joint production molding process thatproduces 279.5 knife blades for red oak handle knives and 301 knifeblades for walnut handle knives at the split-off point. The polymerfor the red oak handle knife blades requires twice as much coolingtime as the polymer for the walnut handle knife blades, althoughall knives are removed from the joint molding process at the sametime (i.e., once the cooling for the red oak handle knives iscomplete). The joint production process costs a total of$6,000.
Assuming the company allocates joint costs using the weightedaverage method based on the required cooling time of the two jointproducts, determine the amount of joint production costs allocatedto each type of knife using the weighted average method.
13.
Question Content Area
High-Low Method
The manufacturing costs of Rosenthal Industries for the firstthree months of the year follow:
Using the high-low method, determine (a) the variablecost per unit and (b) the total fixed cost.