A firm operates a process, the details of which for the period were as follows.There was no opening work-in-progress.During the period 8,250 units were received from the previous process at a value of $453,750, labour and overheads were $350,060 and material introduced was $24,750.At the end of the period, the closing work-in-progress was 1,600 units, which were 100% complete in respect of materials, and 60% complete in respect of labour and overheads.The balance of units were transferred to finished goods.

a)Calculate the number of equivalent units produced.

b)Calculate the cost per equivalent unit.

c)Prepare the process account

d)Distinguish between joint products, and by-products, and briefly explain the difference, in accounting treatment between them