(a) In the context of process costing, how would you distinguish a by-product from a joint…

(a) In the context of process costing, how would you distinguish a by-product from a joint product?

(b) Liquigas Ltd produces four products J, K, Land M through a process which for November 1976 cost £1,500,000. Production and sales during the month were as follows:

There were no stocks in hand at the beginning of November You are required to prepare a statement showing the value of the stocks of the four products at the end of November and to state any assumptions you have made.