QUESTION 1 sti Impian Kajang Sdn Bhd (IKS) purchases a material known as SJ1-3 at 80 sen per liter. The company has three production departments. In department I, the material SJI-3 splits off into three different products - product product B and product N Product C is sold to customers immediately after split-offat RM1.50 per liter, whereas products Band Nare further processed before they can be sold to customers. Product B is processed in department 2 and sold at RM 3.20 per liter. Product Nis processed in department 3 and sold at RM 3.15 per liter. The related for the last year is given below: data fo DEPARTMENT Cost of material SJI-3 Direct labor Factory Overhead RM 96,000 RM 14.000 RM 10.000 RM 45,000 RM 21.000 RM 65.000 RM 49.000 Sales Revenue RM 30,000 Sales (liters) 20.000 Ending inventory (liters) 10.000 PRODUCT B RM 96,000 30,000 N RM 141,750 45,000 15.000 There were no material SJ1-3 and finished goods inventories at the start of the last year. The whole quantity of material SJI-3 purchased during the year had been used till the end of the yeur. There were no work in process inventories at the start and end of the year IKSB always uses market the Net Realizable Value (NRV) method to allocate joint cost to all of its joint products Required: Find the total cost of products C, B and N produced during the last year (13 marks) 2. Compute the income of cach product as well as the total (9 marks) 3. Explain the difference between joint products and by-products? Which of these two is fontostnllocated to