The question should be resolved according IAS please

The corse name international accounting standerd

10 Marks Question No: 2 Al Omar Corporation are manufacturing three products namely X, Y and Z. The single process of production was carrying out for producing these three products simultaneously. Further, the product X and Y requires joint process and after that only these products will be ready for sale. The joint process involved with the following costs: Consumption of raw material for OMR 270,000, stores consumption was OMR 22,500, wages paid to laborers OMR 112,500, variable costs incurred for OMR 101,250 and on the basis of usage of service allocated fixed cost was OMR 123,750. Indirect costs incurred after the joint process was: for Product X OMR 22,500 and for Product Y OMR 27.000 During the year 800 units of product X produced, 800 units of product Y produced and 700 units of product Z produced . All the units of three products were sold out during the year. The value of sales of product X was OMR 270,000, product Y was OMR 315,000 and product Zwas OMR 157.500. Required: a) Imagine that you are an accountant of this corporation and the management is seeking your advice on knowing about the cost per unit produced for each of these three products. So that the management to prepare purchase schedule with the suppliers for the next financial year. (6 Marks) b) Explain the accounting standards relevant to the scenario. (4 Marks) Page 4 of 8