Question: 5. Briefly explain how equivalent units are calculated. 6. Give three reasons why joint cost need to be allocated to joint products. 7. Briefly write

5. Briefly explain how equivalent units are calculated. 6. Give three reasons why joint cost need to be allocated to joint products. 7. Briefly write about the first in first out process costing method. 8. What are the methods for costing for byproducts? Explain with suitable examples

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