A) Give two examples of industries in which joint costs are found

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A) Give two examples of industries in which joint costs are found. For each example, what are the individual products at the split-off point?

B. What is a joint cost? What is a separable cost?

C. Distinguish between a joint product and a byproduct.

D. Provide three reasons for allocating joint costs to individual products or services.

E. Describe a situation in which the sales value at split-off method cannot be used but the NRV method can be used for joint-cost allocation.

F. Give two limitations of the physical-measure method of joint-cost allocation.

G. Describe two major methods to account for byproducts.