(Joint products; by-product) Valley Mangoes runs a fruit-packing business in southern California. The firm buys mangoes by the truckload in season. The fruit is then separated into three categories according to its condition. Group 1 is suitable for selling as is to supermarket chains and specialty gift stores. Group 2 is suitable for slicing and bottling in light syrup to be sold to supermarkets. Group 3 is considered a by-product and is sold to another company that processes it into jelly. The firm has two processing departments: (1) Receiving and Separating and (2) Slicing and Bottling.A particular truckload cost the company $1500 and yielded 1500 mangoes in Group 1 2000 mangoes in Group 2 and 500 mangoes in Group 3. The labor to separate the fruit into categories was $300 and the company uses a predetermined overhead application rate of 50 percent of direct labor cost. Only Group 2 has any significant additional processing cost estimated at $220 but each group has boxing and delivery costs as follows:Group 1$150Group 2220Group 350The final sales revenue of Group 1 is $3000 of Group 2 is $1500 and of Group 3 is $450.a. Determine the sum of the material labor and overhead costs associated with the joint process.b. Allocate the total joint cost using the approximated net realizable value at split-off method assuming that the by-product is recorded when realized and is shown as other income on the income statement.c. Prepare the entries for parts (a) and (b) assuming that the by-product is sold for $450 and that all costs were incurred as estimated.d. Allocate the total joint cost using the approximated net realizable value at split-off method assuming that the by-product is recorded using the net realizable value approach and that the joint cost is reduced by the net realizable value of the by-product.e. Prepare the entries for parts (a) and (d) assuming that the estimated realizable value of the by-product is $400.