(al In the context of process costing, how would you distinguish a by-product from a joint product?

[b] Liquigas Ltd produces four products J, K, Land M through a process which for November 1976 cost £1,500,000. Production and sales during the month were as follows :

There were no stocks in hand at the beginning of November You are required to prepare a statement showing the value of the stocks of the four products at the end of November and to state any assumptions you have made.

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Production (tonnes) (tonnes) J 5,000 4,000 K 8,000 6,000 Sales (per tonne) 100 125 L 5,000 4,500 80 M 3,000 2,700 200