Question: Can you please help me to solve these problems? So that I can compare and recheck your solution on mine too. Thank you! Exercise 8-5
Can you please help me to solve these problems? So that I can compare and recheck your solution on mine too. Thank you!

Exercise 8-5 DIFFERENT METHODS OF ALLOCATING JOINT COSTS Products A, B and C are produced from a common process and are ready for sale at the point of split-off. Join costs incurred amount to P500,000. The production data are as follows: Product Units Est. MV Weight Index Produced Per unit (kgs] Points A 500 P350 10 300 400 8 C 200 500 Required: Allocate the joint cost using: [a] Market value method: [b] Quantitative method; [c] Average unit cost method; [d] Index of production method Exercise 8-6. BYPRODUCT COSTING AND ENTRIES Gee Company produces a product known as G-on. In the manufacture of this chemical, a byproduct results which can be sold as is for P25 per kilogram or be processed further and sold for P60 per kilogram. The additional processing for each kilogram of byproduct requires P10 for materials, P12 for labor and P11 for factory overhead. Production costs of the main product to the point of separation were: materials, P11,100,000; labor, P9,050,000; and factory overhead, P7,570,000. During the month, 170,000 kilograms of G-on and 26,000 kilograms of byproduct were produced. REQUIRED: Prepare journal entries for the byproduct when it is: a. Stored without assigning it any cost and later sold on account at P25 per kilogram, with no additional costs incurred b. Stored and with cost at P25 per kilogram, reducing the main product cost by the amount allocated to the byproduct c. Further processed and stored, with no cost prior to separation allocated to it d. Further processed and stored, the cost prior to separation being alocated to it using the market values at the point of separation for cost allocation, with the cost of the main product being reduced by the cost allocated to the byproduct and the main product selling at P200 per kilogram
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