Complete the sentences below.

$1)$ Companies provide added value to their customers through the sale of their

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Part $2$

$2)$ A product is any output or service that can be sold for a price that recovers the total costs to bring the product to the customer plus some reasonable profit. Some production processes yield

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with the highest sales$$ price,

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a byproduct

a main product

products

scrap

separable costs

that requires little if any further processing but is sold for a far lower$$ price, and

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byproduct,

joint costs,

main product,

products,

scrap,

which is usually unused direct materials recovered and sold for almost nothing.

Part $3$

$3)$ Two or more products sold at a high price are called joint products. The costs of producing more than one product can be common or

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joint costs plus net realizable value

joint costs plus splitoff point

joint costs plus separable costs

net realizable value plus splitoff point

net realizable value plus separable costs

separable costs plus splitoff point

to complete each product.

Part $4$

$4)$ The

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constant gross margin percentage

main product

net realizable value

physical measure

products

sales value at splitoff

scrap

separable costs

splitoff point

determines what pool comprises the joint costs that must be allocated on a reasonable basis.

Part $5$

$5)$ The allocation methods are

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byproduct,

joint costs,

physical measure,

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products,

sales value at splitoff,

scrap,

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main products,

net realizable value,

separable costs,

and

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constant gross margin percentage.

splitoff point.

The task of the management team is to select the method of joint cost allocation that best represents what actually happened in the physical production process.