SMT Ltd. manufactures three products. Production begins with a joint process, and the three outputs of the joint process are processed further to produce products L, M, and N. The outputs at split-off have no market value. Last year, the joint costs amounted to $600,000. Other data for last year are as follows:

Using the estimated (approximate) net realizable value method of joint costing, the inventory cost per unit of product M is

a. $226.91

b. $223.53

c. $221.52

d. $220.00

e. $217.24

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Product L Product M Product N $160 $300 $400 Selling price per unit $100 $200 $350 Costs per unit after split-off point to complete and sell 8,400 kg Total output at split-off 16,400 kg 10,000 kg point used in production 20,000 Production in units 10,000 7,000 Sales in units 18,000 8,000 7,000