The Kenton Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June:
Direct Materials processed: 24,500 gallons (after shrinkage)
| Production: | Butter Cream | 12,000 | gallons |
| | Condensed Milk | 12,500 | gallons |
| Sales: | Butter Cream | 11,500 | gallons |
| | Condensed Milk | 12,000 | gallons |
| Sales Price: | Butter Cream | $3.50 | per gallon |
| | Condensed Milk | $7.50 | per gallon |
| Separable costs in total: | Butter Cream | $14,000 | |
| | Condensed Milk | $34,700 | |
The cost of purchasing the of unprocessed milk and processing it up to the split-off point to yield a total of 24,500 gallons of saleable product was $55,000.
The company uses constant gross-margin percentage NRV method to allocate the joint costs of production. What is the constant gross-margin percent for Kenton?
◦ 64.1%
◦ 20.4%
◦ 23.6%
◦ 62.6%
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