Madhur Chemicals Ltd. purchases raw material Sigma at Rs. 4 per litre. After getting processed in Department 1, Sigma spilts- off in to Products A, B and C products. Product A and product C are sold at the Split off point with no further processing. Product B however is further processed in department 2. The details of cost incurred for the year 2019-20 are given below. Particulars Department 1 2 Cost of raw Material Direct labour Manufacturing Overheads 240000 70000 48000 Products 450000 210000 A B Sales (liters) Closing Inventory (Litres) Sale Price per litre 10000 5000 30 15000 0 64 The organization has the policy of not keeping any inventory at the start and at the end of the year for Raw material and Work in process. Create a schedule showing the allocation of joint cost using suitable base for allocation. (4 Marks) Justify your selection of the base. (1 Mark)