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Lecture Cost management: Measuring, monitoring, and motivating performance (3rd edition) – Chapter 9

Chapter 9 - Joint product and by-product costing. In this chapter students will be able to: Describe a joint process, and explain the difference between a by-product and a main product; allocate joint costs; explain the factors that are considered in choosing a joint cost allocation method;. | LO1 Describe a joint process, and explain the difference between a by-product and a main product LO2 Allocate joint costs LO3 Explain the factors that are considered in choosing a joint cost allocation method LO4 Identify the relevant information for deciding whether to process a joint product beyond the split-off point LO5 Apply the methods that are used to account for the sale of by-products LO6 Explain how a sales mix affects joint cost allocation LO7 Evaluate the uses and limitations of joint cost information Chapter 9: Joint Product and By-product Costing LO1 Describe a joint process, and explain the difference between a by-product and a main product Joint Processes and Costs A main product has high sales value compared to the other joint products. Joint products that have minimal sales value compared to the main product are called by-products A process that yields one or more products is called a joint process. The products are called joint products The costs of the process are called joint costs The split-off point is the stage in the joint process where the separate products become identifiable. Joints costs are incurred prior to the split-off point. Costs incurred past split-off are separable costs The first bullet is automated. The first click brings in the second bullet and its two secondary bullets are automated. The 2nd click brings in the third bullet, and the 3rd and 4th clicks bring in its two secondary bullets. The 5th click brings in the 3rd primary bullet. Joint Processes and Costs Sawdust Bark Planks Joint costs include DM, DL & Overhead. Joint products Wall paneling The costs of processing planks further are separable costs. If sawdust sells for a relatively minimal amount, it is a byproduct. The beginning of this slide is automated. The first click brings in the red oval and text about joint costs, which disappears on the next mouse click. The second click brings in the green oval and text about joint products, which disappears on the next . | LO1 Describe a joint process, and explain the difference between a by-product and a main product LO2 Allocate joint costs LO3 Explain the factors that are considered in choosing a joint cost allocation method LO4 Identify the relevant information for deciding whether to process a joint product beyond the split-off point LO5 Apply the methods that are used to account for the sale of by-products LO6 Explain how a sales mix affects joint cost allocation LO7 Evaluate the uses and limitations of joint cost information Chapter 9: Joint Product and By-product Costing LO1 Describe a joint process, and explain the difference between a by-product and a main product Joint Processes and Costs A main product has high sales value compared to the other joint products. Joint products that have minimal sales value compared to the main product are called by-products A process that yields one or more products is called a joint process. The products are called joint products The costs of the process .