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What are joint products? What accounting issue results from the production process that creates joint products?

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What are joint products? What accounting issue results from the production process that creates joint products?

Answered Same Day Dec 24, 2021

Solution

David answered on Dec 24 2021
105 Votes
Joint products are multiple products generated by a single production
process at the same time. These are separately unidentifiable, and incur
undifferentiated joint cost until they reach the split off point.

When there are joint products , there arise a need to allocate the joint
cost to the products to determine their accurate cost, value of closing
inventory, and ascertaining the profit/loss on the products . following
methods are used for accounting

a) physical units method :
Under this method the joint costs are apportioned among the joint
products in the ratio of physical units of output produced at...
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