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Before getting to know about the costing of joint products and by products, we should know about the joint products and by products. Joint products can be defined as those products that are two or more in number that are produced from the same process. Through Joint and By-Product Costing Assignment Help, we get to learn that the joint product implies the main product and the by-product. Both of the products i.e. the main product and the by-product are important and hold the same value. But it is a well-known fact that the costing of the main product is quite higher than the by product. During the production process, the main product is always prioritized over the by-product. Thus, first priority is always given to the main product and second priority to the by-product. Two or more than two products getting the same kind of priority are often regarded as joint products. With the help of Joint and By-Product Costing Assignment Help, we get to learn that there is always a continuous production of joint products, whereas there is no continual production of by-products. There is a split-off point which denotes an extra point where there is a distinction between two or more products.
Different Methods used for the Apportionment of Joint Costs
There are different methods that are used for the apportionment of the joint costs which are available in Joint and By-Product Costing Assignment Help. They are
• Average unit cost method- In this method we determine the average unit costs and that is done by dividing the joint costs by the number of units of joint products. The next step after determining the average unit joint cost is finding out the joint cost of each product which is basically done by multiplying the average units cost with the given number of units of the product prescribed. In Joint and By-Product Costing Assignment Help, we get to know more about average unit cost method and how it can be applied to both joint and by-products.
• Market Value Method- There are four variants of this method- sales value at the time of separation and its value after processing, net value method and sales value less further processing costs. This method can be studied under Joint and By-Product Costing Assignment Help.
• Survey method- by the help of survey method, we can calculate the differences in cost of joint products that arises due to certain factors. These factors are basically of two types- quantitative and qualitative, such as- performance of labours, raw materials, time taken, etc. This method plays a significant role in technical evaluation of products. Joint and By-Product Costing Assignment Help tells us more about survey method and how it is useful regarding joint products and by-products. Now to rank the products, we need to know their importance. We can do that by assigning those points according to their importance.
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