Dow Chemical Company produces chemicals through a joint production process. For a particular batch, the company incurs costs of 3 million and produces two main products: Product A and Product B. Product A has a sales value of 5 million, while Product B's sales value is 2 million.

Required:

• Allocate joint costs using the sales value method.
• Determine the joint cost allocation per unit for each product.
• Calculate the gross profit for each product after allocating joint costs.
• Analyze whether Product B should be considered a joint product or a by-product.
• Discuss alternative methods for allocating joint costs and their implications.