In one of its operations, Chemical Company uses Alpha as a primary input and produces 2 unfinished products, Beta and Gamma. Unfinished Beta can be sold for P0.34/lb or further refined in a separate process to yield finished Beta, which is saleable at P1.60/lb. Unfinished Gamma can be sold at a price of P0.26/lb or receive additional work in a separate process yielding finished Gamma, which has a sales price of P1.80/lb. Approximately 400,000 lbs of Alpha are processed each accounting period, with Beta and Gamma being produced in the following proportions: Beta - 250,000 lbs; Gamma - 150,000 lbs. At a normal level of processing, the following manufacturing costs are typical when both unfinished Beta and Gamma are refined beyond the split-off point. Separable Costs Joint Costs Beta Gamma Materials P 60,000 P 64,700 P 14,600 Labor 25,000 139,300 146,000 Overhead 15,000 42,000 29,400 P100,000 P246,000 P190,000 ALLOCATE THE JOINT COSTS: 1. Assume that Chemical Company uses pounds of output as the basis for allocating joint costs. 2. Assume that Company uses pounds of output as the basis for allocating joint costs and that Beta and Gamma are assigned weights of 8 and 20 because of the relative difficulty of handling each product. 3. Assume that Chemical Company sells both Beta and Gamma as unfinished products and uses their market value at split-off point as the basis for allocating joint costs. 4. Assume that Chemical Company sells Beta at split-off and Gamma after additional processing and uses their approximate NRV at split-off point as the basis for allocating joint costs. 5. Assume that Chemical Company sells Beta and Gamma after additional processing, and the constant gross-margin percentage NRV method is used as the basis for allocating joint costs