A manufacturing unit imports raw material and the process is to produce three different products, namely, bright, light and white. The raw material has an FOB value of Rs. 5 per kg and freight and insurance are charged at 10% of FOB price. Customs duty as 120% of CIF is levied at the time of import. Auxiliary duty at 20% is also charged on CIF price. Countervailing duty is charged on CIF plus duty at 10%.

The landed cost includes 5% for clearing charges.

Bright and light are joint products while white emerges as a by-product. The value of by-product after deducting 30% (10% being notional profi t and 20% for selling expenses) from sales value is credited to process account. The unit consumed 4,000 kg of raw materials during a year. The relevant data are as follows:

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Production & Sale (kg) Selling price (Rs. per kg) Further processing cost (Rs.) Bright Light White 1,400 1,600 1,000 30 26 12 1,500 1,000 Assuming additional cost other than material at Rs. 15,800 for all products (includes Rs. 800 for white), pre- pare a statement showing: (a) Credit to process account for by-product sale (b) Allocation of joint costs on relative sales value basis (c) Profit on each product.