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FMGT 4210 Chapter 15 (1)

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FMGT 4210 Chapter 15 (1)

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  • July 19, 2024
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  • 2023/2024
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FMGT 4210 Chapter 15
Joint Costs - ANS-The costs of a production process that yields multiple main products
simultaneously.

Main Product - ANS-One product with high sales value relative to the other products that a
single process yields.

Product - ANS-Any output that has a positive sales value (or an output used internally that
enables organizations to avoid incurring costs).

Joint Products - ANS-Multiple end-products produced from a single raw material and a common
production process.

Byproducts - ANS-An incidental or secondary product made in the manufacture or synthesis of
something else.

Scrap - ANS-Outputs that have minimal sales value, or, residual material left over when making
a product. Some outputs can have a negative revenue when their disposal costs are
considered.

Toxic Waste - ANS-Process byproducts that are potentially harmful and that have negative
revenue when the costs of remediation and reclamation are considered.

Splitoff Point - ANS-The place in the production process where two or more main products
become separately identifiable.

Separable Costs - ANS-The full product costs of processing incurred by each identifiable
product beyond the splitoff point.

Physical Measure Method - ANS-Allocates joint costs to joint products produced during the
accounting period on the basis of a comparable physical measure, such as the relative weight,
quantity, or volume at the splitoff point.

Sales Value at Splitoff Method - ANS-Allocates joint costs to joint products produced during the
accounting period on the basis of the relative total sales value at the splitoff point.

Net Realizable Value Method - ANS-Joint cost allocation based on the proportional values of the
joint products at the split-off point

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