Diane's designs purchased a one-year liability insurance policy on march 1 of this year for $8,400 and recorded it as a prepaid expense. which of the following amounts would be recorded for insurance expense during the adjusting process at the end of diane’s first month of operations on march 31?
a. $700
b. $7,700
c. $8,400
d. $840

Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.