Question Three: (25 Marks ABC company has two joints products; product A and Product B, the following data are collected by the accounting department A B Joint Costs Separable cost of processing beyond split off point $80000 $20000 Beginning Inventory 0 Production and Sales (units) 2000 4000 Ending Inventory 0 Selling price per unit $50 $20 $480000 0 0 Required: Allocate the joint cost using net realizable value method Question four: (10 marks) Choose the best answer: 1-Which of the following statements best define split off point in joint costing? A) It is the point at which managers decide to discontinue one or more of the products B) It is the point at which the managers decide to outsource some of its production processes It is the juncture at which decisions determining joint costs of various products to be produced are taken Dy It is the juncture in a joint production process when two or more products become separately identifiable E) None of the Above 2- The costs that result from theft of inventory are Aj temal failure con B) stockout costs Costs of quality Dj shrinkage con E) None of the Above