Joint products are two or more products produced simultaneously by the same process up to a "split-off" point. Which of the following describes this "split-off" point?

The split-off point is the point in the production process where all products may be marketed to the public.

All costs after this split-off point are relevant to the cost of product;

none of the joint product costs are considered in determining gross margin.

Only the joint costs need to be considered in determining gross margin; costs after this split-off point are irrelevant.

None of the above answers is correct.