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1. Joint Costs are: a. Indivisible b. Present throughout the production process of joint products c. Common costs d. A collection of direct materials, direct labor and manufacturing overhead costs that serve as the primary base for establishing a sales value for joint products

1. Joint Costs are: a. Indivisible b. Present throughout the production process of joint products c. Common costs d. A collection of direct materials, direct labor and manufacturing overhead costs that serve as the primary base for establishing a sales value for joint products

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter12: Differential Analysis And Product Pricing
Section: Chapter Questions
Problem 4SEQ: For which cost concept used in applying (he cost-plus, approach to product pricing are fixed...
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1. Joint Costs are: a. Indivisible b. Present throughout the production process of joint products C. Common costs d. A collection of direct materials, direct labor and manufacturing overhead costs that serve as the primary base for establishing a sales value for joint products 2. For purposes of allocating joint costs to joint products, the relative sales value at split-off method could be used in which of the following situations? a. b. C. d. No Cost Beyond Split -off Cost beyond Split -Off Yes Yes Yes No No Yes No No 3. The allocation of joint costs to individual products is useful primarily for the purposes of: a. Determining whether to produce one of the joint products b. Determining the best market value c. Inventory costing d. Deciding whether to sell at the split-off point 4. Which of the following statement best describe a by product 125 a. A product that usually produces a small amount of revenue when compared to the main product revenue b. A product that does not bear any portion of the joint processing costs c. A product that is produced from material that would otherwise be scrap d. A product that has a lower unit selling price the main product 5. Cost to be incurred after the split-off point are most useful for: a. Adjusting inequities in the joint cost allocation procedure b. Determining the levels of joint production c. Assessing the desirability of further processing d. Setting the mix of output products
Transcribed Image Text:1. Joint Costs are: a. Indivisible b. Present throughout the production process of joint products C. Common costs d. A collection of direct materials, direct labor and manufacturing overhead costs that serve as the primary base for establishing a sales value for joint products 2. For purposes of allocating joint costs to joint products, the relative sales value at split-off method could be used in which of the following situations? a. b. C. d. No Cost Beyond Split -off Cost beyond Split -Off Yes Yes Yes No No Yes No No 3. The allocation of joint costs to individual products is useful primarily for the purposes of: a. Determining whether to produce one of the joint products b. Determining the best market value c. Inventory costing d. Deciding whether to sell at the split-off point 4. Which of the following statement best describe a by product 125 a. A product that usually produces a small amount of revenue when compared to the main product revenue b. A product that does not bear any portion of the joint processing costs c. A product that is produced from material that would otherwise be scrap d. A product that has a lower unit selling price the main product 5. Cost to be incurred after the split-off point are most useful for: a. Adjusting inequities in the joint cost allocation procedure b. Determining the levels of joint production c. Assessing the desirability of further processing d. Setting the mix of output products
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