The BVC Company has a joint process that produces three products at a total cost of $400,000. Expected sales are $1,000,000 for Product 1,$800,000 for Product 2, and $5,000 for Product 3. Which of the following is correct concerning how BVC can account for this joint process? BVC can allocate a total of $395,000 to Product 1 and Product 2 and report $5,000 of by-product revenue. BVC can allocate a total of $400,000 to Product 1 and Product 2 and also report by-product revenue of $v. BVC can allocate a total of $400,000 to Product 1, Product 2, and Product 3 and report $5,000 of by-product revenue. BVC can allocate a total of $400,000 to Product 1 and Product 2 and also report by-product revenue of $5,000