7. Ray Corporation operates a joint process that produces three products: Product Alpha, Product Beta, and Product Gamma. The company incurred joint production costs of $300,000 in the month of October. The products were processed further after the split-off point, incurring additional costs of $50,000 for Product Alpha, $70,000 for Product Beta, and $80,000 for Product Gamma. Allocate the joint production costs to each product using the sales value at split-off method, the physical output method, and the net realizable value method. Compare the results obtained from each allocation method and discuss the factors to consider when choosing an appropriate allocation method.