Impian Kajang Sdn Bhd (IKSB) purchases a material known as SJI-3 at 80 sen per liter. The company has three production departments. In department 1, the material SJI-3 splits off into three different products product C, product B and product N. Product C is sold to customers immediately after split-off at RM1.50 per liter, whereas products B and N are further processed before they can be sold to customers. Product B is processed in department 2 and sold at RM 3.20 per liter. Product N is processed in department 3 and sold at RM 3.15 per liter. The related data for the last year is given below: DEPARTMENT 1 2 3 Cost of material SJI-3 RM 96,000 - - Direct labor RM 14,000 RM 45,000 RM 65,000 Factory Overhead RM 10,000 RM 21,000 RM 49,000 PRODUCT C B N Sales Revenue RM 30,000 RM 96,000 RM 141,750 Sales (liters) 20,000 30,000 45,000 Ending inventory (liters) 10,000 - 15,000 There were no material SJI-3 and finished goods inventories at the start of the last year. The whole quantity of material SJI-3 purchased during the year had been used till the end of the year. There were no work in process inventories at the start and end of the year. IKSB always uses market the Net Realizable Value (NRV) method to allocate joint cost to all of its joint products. Required: 1. Find the total cost of products C, B and N produced during the last year. (13 marks) 2. Compute the income of each product as well as the total. (9 marks) 3. Explain the difference between joint products and by-products? Which of these two is joint cost allocated to? (3 marks)