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gmestion: 4 Berger Paint Pakistan limited produces three types of joint products, Silver paint, Golden paint and Diamond paint. During March, 2020, the following information was recorded: Particulars ‘ Silver Paint Golden Paint Diamond Paint Total Costs ‘
Joint materials costs | — — — Rs 960,000 |
Joint direct costs | 555,000
Joint factory costs | 490,000
Separable costs | Rs 150,000 Rs 170.000 Rs 190,000 | 550,000 |
Production units 2,100 liters 2,500 liters 2,800 liters 7,400 liters
Sales units 1,900 liters 2,200 liters 2,400 liters 6,500 liters
Selling price per liter | Rs 375 Rs 490 Rs 580 _ |
W There was no beginning inventory as on 01f031'2020. R .gnired: i). Compute total cost and unit cost of each type of above product, using the Hypothetical market value method. ii). Compute closing inventory cost of each product and total inventory costs as on 3lf03i’2020. iii). Define joint products and try—products. Also give logical justification to treat any one of joint products as a By—product.

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