(Net realizable value versus realized value) Indicate whether each item that follows is associated with (1) the realized value approach or (2) the net real¬ izable value approach.

a. has the advantage of better timing

b. ignores value of by-product/scrap until it is sold

c. is easier

d. is used to reduce the cost of main products when by-products are produced

e. credits either cost of goods sold of main products or the joint cost when the by-product inventory is recorded

f. presents proceeds from sale of by-products as other revenue or other income 9. is appropriate if the by-product’s net realizable value is small h. is less conservative i. is the most clerically efficient j. should be used when the by-product's net realizable value is large

 LO1.