methods required to allocate joint costs1
Methods Required To Allocate Joint Costs
1) Physical/Unit Measure
2) Constant gross margin rate
3) Net realizable value.
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process lossesmost manufacturing processes result in several portion of the raw materials utilized not being transformed into a reliable half
accounting treatment of spoilage costs1 normal spoilage costs these costs are assigned to the good output utilizing two approaches asi omission
shrinkage - production processthis refers to a disappearance or loss of material inputs utilized throughout the production process it happens mainly
allocation of joint costswhereas two or more products of relatively high value emerge simultaneously from a single process they are named as joint
methods required to allocate joint costs1 physicalunit measure2 constant gross margin rate3 net realizable
physical measure and net realizable valuephysical measureunitjoint costs are assigned to the joint products according to the ratio of physical
constant gross margin ratethis method assumes that every product contributes an equal percentage of gross profit for every shilling of sales it works
uniform costingit is a general system utilizing agreed concepts standard and principles accounting practices adopted via different entities in the
requirements of uniform costing1 uniform costing systems must process the given features as2 cost reports and statements should be organized and laid
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