Allocate joint costs and determine the cost per unit for main and by-products.

Joint Production Details	Total Costs ($)	Main Product Units Produced	By-Product Units Produced
Joint Costs	$500,000	10,000 units	5,000 units

Requirements:

Allocate joint costs to the main product and by-product using the physical units method.

Determine the cost per unit for the main product and by-product.

Discuss the challenges and benefits of by-product costing in the processing industry.