LPP S.A. uses a joint process to produce products IIII1, JJJJ1, KKKK1, and LLLL1. Each product may be sold at its split-off point or processed further. Joint processing costs for a single batch of joint products are $320,000. Other relevant data are as follows:

Product	Sales Value At Split-Off	Additional Costs of Processing	Sales Value of Final Product
IIII1	$46,000	$50,000	$96,000
JJJJ1	60,000	44,000	88,000
KKKK1	52,000	47,000	90,000
LLLL1	40,000	38,000	66,000

Requirements:

1. Evaluate the profitability of processing Product IIII1 further beyond the split-off point.
2. Determine the net benefit of processing Product JJJJ1 beyond the split-off point.
3. Allocate joint costs using the constant gross margin percentage method.
4. Prepare a cost reconciliation report for LPP S.A.