Nate Company manufactures Products A and B from a joint process that also yields a by-product,X.Nate Company accounts for the revenue from its by-product sales as a deduction from the cost of its main products.Additional information is as follows: 
(1)Assuming that joint product costs are allocated using the relative sales value at split-off approach,what was the joint cost allocated to Products A and B?
(2)Prepare the journal entry to transfer the finished products to separate inventory accounts.
(3)Assuming the sales value of X is stable,prepare the journal entries to:
(a)place the by-product in stock
(b)record the sale of 3,000 units for $10,500 on account.
Definitions:
Standard Deviation
An analysis tool for the variation or dispersal range within a collection of figures.
Population Mean
The average value of a set of characteristics for the entire population, calculated as the sum of all values divided by the number of values.
Level of Confidence
The degree of certainty or trust one can have in the interval estimate of a population parameter.
Confidence Interval
A range of values, derived from sample data, that is likely to contain the population parameter of interest with a specified probability.
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