Use the following information for the next 6 questions.
J-M Company uses a joint process costing $15,000 to produce three main products. The company had no beginning inventory. Its current period operation data follow: 
-If J-M uses the physical output method to allocate joint costs and performs further processing after the split-off point, what is the gross profit for product S?
Definitions:
Price Floor
A government or regulatory-imposed minimum price that can be charged for goods and services, typically above the equilibrium price, to prevent market prices from falling too low.
Price Ceiling
A legal maximum price that can be charged for a good or service, above which it cannot rise.
Surplus
The situation in which the quantity of a good supplied is greater than the quantity demanded at the current price.
Price Ceiling
A legally imposed maximum price on goods or services, intended to prevent prices from rising too high.
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