Question: Explain joint products and give examples. 2.Discuss joint processing costs and why these should be allocated. 3.Discuss further processing costs and differentiate its treatment against

  Explain joint products and give examples.

2.Discuss joint processing costs and why these should be allocated.

3.Discuss further processing costs and differentiate its treatment against the joint processing costs.

4.Illustrate the four allocation methods and their effects on profit.

5.Differentiate joint products from by-products.

6.Illustrate the various treatments for the by-products and their effects on net income.

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