Joint cost to X and Y. Problem 7 The North Avenue Products Company manufactures two products, "East" and "West", incident to the production of which a by-product, "South" results. Material is started in Process I at the end of which three products emerge. "East" is further processed in Process 2 while "West" and "South are sold without additional processing. For the month of September, 2019, the following data are available: Materials entered in Processl Processing costs: Process 1 P 6,250.00 4,000.00 Process 2 3,000.00 380 2120 4-ang aroubor Cost Accounting There are no beginning or ending inventories of work in process. Production and sales data are as follows: Product East West South Qty. Produced 3,000 Qty. sold Sales price 2,500 P 7.00 2,000 1,700 5.00 500 500 0.40 Selling and administrative expenses constitute 20% of sales for "East" and "West" and 10% of sales for "South" Joint costs are allocated to joint products on relative sales values except that the sales value of "East" should be reduced by its unit cost in Process 2 for the purpose. The by-product is not charged with any share of joint cost. By-product revenue is deducted from joint costs. Required: 1. Income statement for "East" and "West." 2. Schedule allocating the joint cost to "East" and "West