By-Product Homework Answers
A by-product is a subsidiary product which results during the production process in an industry. While the joint products have a remarkably high value, the by-products have a subsequently little value. Hence, you can consider the by-product as a waste product. In some cases, the company might find it useful and use it for selling. However, it doesn’t have the importance like that of the primary product. To know more in this regard, manuals as by-products homework answers are just perfect.
The by-product also provides either less or no revenue to the companies. For example, in the process of refining sugar, we get molasses and press mud as the by-products. In the production of lumber, sawdust and wood chips are the by-products. Hence, from this, you can notice that the by-products have a little economic value. The industry may sell it directly, or it can further process it before making it marketable.
Different accounting methods
For the accounting of by-products, there are different accounting methods. The companies result in the production of by-products as an outcome of the manufacturing process. It evolves with the primary product. To ensure that the premier product makes profits and has the real cost value, you have to account the costs for by-products. Accounting methods are necessary, and it can also help you to get the by-products homework answers. It is of two types.
- Cost Methods
- Replacement method
This approach is applicable if you can use the by-product as the raw material. Then, value it at the replacement or opportunity cost.
- Joint cost proration
You can apply this method if the by-product gains economic value. Then, on a suitable basis, the basic cost is shared out between the primary and the by-product.
- Standard cost method
You can use it when the operation is in standard costing system. Here, you have to set standards for the product based on their technical assessment. Hence, credit the standard rate of the by-products to the process account.
- Non-cost Methods
- Total sales less total cost
In this approach, sum up the sales value of the by-product and the primary product. After this, deduct the combined total cost of the main product from the total sales value.
- Total cost less net value of by-product
Here, first find the net sales value by subtracting selling and distribution costs from the sales value. Then, again subtract it from the total cost of production.
- Total cost fewer sales value of by-product
Here, you have to reduce the selling value of by-product from the combined total cost of the original product.
- Total cost less net yield of by-product
In this method, deduct the costs obtained after the split-off point, and selling and distribution from the sales value of by-product.
- Reverse cost method
Here, you have to assume that the sales value consist a certain amount of profit and you shouldn’t charge it to the process account.
- Miscellaneous method
As the by-product has less commercial value and importance, this approach treats the sales value of the product as other income and credits it to the profit and loss account.
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