(5 Marks) 3. Sulaiman & Company produces three chemicals - chemical P, chemical Q and chemical R. Chemical P is sold for OMR 7 per liter, chemical Q for OMR 5 per liter, and chemical R for OMR 8 per liter, During the month of July, 20,000 liters of chemical P, 50,000 liters of chemical Q and 30,000 liters of chemical R were produced and sold. The cost data for July is given below: Joint Cost: (OMR) Direct Material 180,000 = Direct Labour 100,000 Factory overhead 70,000 Processing cost after split off: Chemical P Chemical Chemical R Direct labour 25,000 35,000 18,000 Factory overheads 15,000 25,000 12,000 There were no inventories at the start and end of the month. The company uses market value method for allocating joint cost to joint products. Required: Allocate joint cost and compute gross profit for each chemical