Kindly help me solve the following problem.,,,

Multiproduct Corporation is a chemical manufacturer that produces two main products (Pepco-1 and Repke-3) and a by-product (SE-5) from a joint process. If Multiproduct had the proper facilities, it could process SE-5 further into a main product. The ratio of output quantities to input quantity of direct material used in the joint process remains consistent with the processing conditions and activity level.

Multiproduct currently uses the physical measure method of allocating joint costs to the main products. The by-product is inventoried at its net realizable value, which is used to reduce the joint production costs before they are allocated to the main products.

Jim Simpson, Multiproduct's controller, wants to implement the sales value method of joint cost allocation. He believes that inventory costs should be based on each product's ability to contribute to the recovery of joint production costs. Multiproduct uses an asset recognition approach in accounting for by-products.

Data regarding Multi product's operations for November are presented in the following report. The joint cost of production totaled $2,640,000 for November.

Main Products By-Product SE-5 Pepco-1 Repke-3 November sales in gallons 800,000 700,000 200,000 November production in gallons 900,000 720,000 240,000 Sales value per gallon at split-off $2.00 $1.50 SO.55* point Seperable process costs after split- $1,000,000 | $420,000 off Final sales value per gallon $5.00 $4.008) A price ceiling A) makes it illegal to charge a higher price than the specified price B) is more effective when it is higher C) is necessary to maintain market equilibrium D) occurs in housing markets only 9) A rent ceiling results in a shortage. As a result, which of the following do you expect? A) The shortage will persist as long as the ceiling is in effect. B) Discrimination as landlords choose their tenants, possibly based on race, age, or gender. C) A black market for apartments whereby higher rents are obtained through various other charges. D) All of the above would be expected. 10) A minimum wage set above the equilibrium wage I. increases the supply of labor. II. increases the quantity of labor supplied. III. decreases the demand for labor. A) I only B) II only C) I and II only D)I, II, and