QUESTION 1

a. Joint Cost: The costs of a production process that yields multiple products
simultaneously

b. Separable Cost: All costs—manufacturing, marketing, distribution, and so on— incurred

beyond the split off point that are assignable to each of the specific products identified at
the split off point.

QUESTION 2

a. Joint products are products when a joint production process yields two or more products
with high total sales values relative to the total sales values of other products.

b. Byproducts are products of a joint production process that have low total sales values
relative to the total sales value of the main product or of joint products.

QUESTION 3

a. Production method : recognize value of byproduct at time of production

b. Sales method : recognize value of byproduct at time of sales