Determining Joint Versus By$-$Products Q$-1.$ We know that Royal Jelly will not be produced, so it is not a product. He will produce four products: honey, beeswax, honeycomb, and propolis. Which one is the by$-$product? Allocating Joint Costs Using the Net Realizable Value Method Be sure to determine whether honey or honeycomb should be processed further before beginning the next question. Q$-2.$ Using the information provided by Mr$.$ Jefferson, calculate the amount of the joint cost that should be assigned to honey using the Net Realizable Value method for allocating joint costs. Q$-3.$ Using this method, what will be the total cost per pound for honeycomb? $($Be sure to include costs to process further, if applicable.$)$ TIP Keep in mind that, as a small business owner, Mr$.$ Jefferson does not have the resources to process everything further, even if it makes sense to do so$.$ He should process the beeswax further, but he doesn$$t have the capital resources to do so$.$ Therefore, although your calculations will show that this product should be processed further, assume he does not do so$.$ Q$-4.$ What is the total gross margin ratio $($total gross margin divided by total revenue$)$ for