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Joint Products and By Products - Method of Costing, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Joint Products and By Products - Method of Costing, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is the method of costing used for joint products and by-products? |  |
Ans. The method of costing used for joint products and by-products is known as joint product costing. It involves allocating costs to different products that are produced simultaneously during a common manufacturing process.
| 2. How does joint product costing work? | |
Ans. Joint product costing works by allocating the common costs incurred during the manufacturing process to the different joint products and by-products based on their relative sales value or physical quantities.
| 3. What is the difference between joint products and by-products? | |
Ans. Joint products are the main products that are produced simultaneously during a common manufacturing process and have significant sales value. By-products, on the other hand, are secondary products that are produced alongside joint products but have relatively lower sales value.
| 4. How are costs allocated to joint products and by-products in joint product costing? | |
Ans. Costs are allocated to joint products and by-products in joint product costing using different allocation methods such as the sales value at split-off method, physical quantities method, or net realizable value method. These methods help in determining the proportionate share of costs attributable to each product.
| 5. What are the advantages of using joint product costing? | |
Ans. Some advantages of using joint product costing include:
- Provides a fair and accurate allocation of costs to different products.
- Helps in determining the profitability of each product.
- Facilitates decision-making regarding production planning and resource allocation.
- Enables better inventory valuation and cost control.
- Helps in evaluating the performance of different product lines.
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Nov 15, 2024 Last updated |
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