Ndecember 31, 2020, wolfe-bache corporation failed to accrue salaries expense of $1,800. in january 2021, when it paid employees for the december 27–january 2 workweek, wolfe-bache made the following entry: salaries expense 2,520 cash 2,520 on the last day of 2020, midwest importers received a $90,000 prepayment from a tenant for 2021 rent of a building. midwest recorded the receipt as rent revenue. the error was discovered midway through 2021. at the end of 2020, dinkins-lowery corporation failed to accrue interest of $8,000 on a note receivable. at the beginning of 2021, when the company received the cash, it was recorded as interest revenue.

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.