& 2 pending X 613 Q5-6.pdf ENSACC613%20Q5-6.pdf Question 5 Galloway Enterprises operates a process that produces three products; L and M, and N. Product Lis processed further in Process 2 at a cost of $55,200 while Product M is processed further in Process 3 at a cost of $56,780 for the year. Total costs of production for the joining process for the year just ended were $764,190. Output from the joint process during the year was as follows: Product M Product N Product L 276,000 Kilograms 334,000 134,000 Product L sells for $2.00 per kg: Product M for $1.70; Product N for $0.40. Selling expenses related to the sale of each of the three products is 10% of revenue. Product Nincurs selling expenses of 10% relating to the sale of the product. Required: (a) Calculate the cost per kilogram (round to four decimal places) for Products L, M and N treating all three as joint products. Use the relative sales value at split off method to allocate the joint costs. (b) Compute costs per kilogram (to four decimal places) for the three products, treating Product Nas a by-product. The by-product is valued at net realisable value, and this value is used to reduce the cost of the joint process. Use the physical units method for allocating the balance of the joint costs