Assignment: Accounting for Joint Products and Byproducts (Qualitative)
Scenario: Pyramid Printing Company is a printer of magazines and retail inserts. In addition, there are two joint products (food wrapping and book covers) and one byproduct (shipping-box inserts) that originate from the trimmings of Pyramid's paper rolls in production. The food wrapping and book covers are the same size. The shipping-box inserts are sold to online retailers for shipping books. All joint products and byproducts are sold as sustainable alternatives to other recycling opportunities.
Discuss the alternative methods available in accounting for joint products and byproducts given the above scenario. This will be presented as a report to Pete Roberts, the company controller.
2 pages, APA format, 3 recent reference.