1.Your employer engages in numerous joint process that produce significant quantities and types of by- product. You have been asked to give a report to management on the best way to account for by product. Develop criteria for making such a choice and provide reasons for each criteria, along with additional assumptions you wish to provide about the nature of the company you work for, recommend a particular method of accounting for by product and explain why you consider it to be better than the alternatives. 2. Susan Cheng is the CFO of Automotive solutions, a small company that makes specialized lighting equipment for the car industry. Because of intensified competition from foreign companies, Automotive Solutions has extreme pressure price for its products. In response to this pressure top management has decided to focus more intently on the role of product quality to improve the competitive position of the company. With the change in competitive focus, Cheng recognizes that the company must revise its CMS to better manage product quality. As an intern working for Cheng, write her a memo describing how gap analysis could be used to revise the CMS