1) Scrap frequently has a zero sales value.

a. TRUE

b. FALSE

2) Distinguish among different types of saleable products, scrap and toxic waste.

3) Joint costs are incurred beyond the split off point and are assignable to individual products.

a. TRUE

b. FALSE

4.An overstatement of ending inventory in one period results in

a. no effect on net income of the next period.

b. an understatement of net income of the next period.

c. an overstatement of the ending inventory of the next period.

d. an overstatement of net income of the next period.