Fundamentals of Cost Accounting

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Accounting 111 Pollard Chapter 11 Summary Learning Objectives (L.O): 5, 6, 7, 8, and 9 Assignment: Exercises 30, 31, 33, 35, 36, and 37 Problems None Read the sections of the chapter which cover the Learning Objectives listed above and review the PowerPoint slides for the chapter. Use this information to complete this chapter summary. Test your understanding of the material by completing the assignment for the chapter. L.O. 5: Explain why joint costs are allocated. What is a joint cost? The cost of a manufacturing process that produces two or more outputs or products What are joint products? The outputs, or products, resulting from a common input and common production process What is the split-off point? The stage of processing that separates two or more outputs or products Name the two methods used to allocate joint costs. 1. Net realizable value method 2. Physical quantities method Are either of these a precise way of assigning costs to the joint products? No L.O. 6: Allocate joint costs using the net realizable value method.
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Chapter 11 key - Accounting 111 Pollard Chapter 11 Summary...

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