Jovi Company processed material in Department A at a cost of $1,000,000 to yield 375,000 kilograms of Product Red; 62,500 kilograms of Product Yellow; and 125,000 kilograms of Product X.

Product Red is sold without further processing at $2.50 per kilogram.

Product Yellow is processed further in Department 2 at a cost of $125,000 and sold for $12 per kilogram.

Product X is considered a By-product and is processed further at a cost of $67,750 and sold for $3.75 per kilogram.

The net realizable value (NRV) of the By-product is treated as a deduction from the joint cost of Product Yellow and Red. The net joint costs are then allocated to the joint products based on approximate net realizable value at the split off point.

Questions:
1.	What is the net realizable value of By-product X?
2.	What is the amount as joint processing cost that is to be allocated to the joint products?
3.	What is the amount of joint cost allocated to Red?
4.	What is the amount of joint cost allocated to Yellow?
5.	What is the value as finished goods inventory of Red?
6.	What is the value as finished goods inventory of Yellow?
7.	What is the value as finished goods inventory of By-product X?
8.	When the by-product is sold by the company, how many journal entries need to be recorded under perpetual system?