Cost Accounting is not that simple as it seems to be. When you see the syllabus; it talks about costs. What is hidden behind the words are the various costs and principles applied. However, this part of the costing is something which I like it too. This is why; thought of writing this blog for all my fellows who are struggling with their joint and by-product costing homework answers.
Well, to put the long story short. Every main product has a Joint Product and a By-Product.
- The joint product is costlier than the by product in terms of sales.
- Therefore, joint products are recognized as individual products. These are those products made when a single production process was being done. It incurs joint cost thereby.
The sales value of by-product cost is considered as reduction in costs rather than any income.
- Joint products are separate and are seen at the split-off point, whereas by products have negligible value; this is why the accounting for by-products are different.
Now that you have got a gist of joint product and by-product, let me take you as how the costing of it makes it so different.
Why do students want to join and by-product costing homework answers on their desks?
- It is the joint product that bears the cost and the by-products go hands-free, meaning they share nothing of the cost.
- Sales of joint product are of course an income, but when it comes to by-products, the sales value at the split-off point is regarded as reduction in costs and not an income.
- However, point to be noted, if there is a chance that after processing the by-product, it can have an enhanced value, the net income generated from the sales of the by-product is used to reduce the costs of the processes.
The joint product costing is done with the following approaches such as-
- Benefits of received approach: Calculated with either the Physical units method or weighted average method
- The relative market value approach based on allocation: Methods used are a sales-value-at-split-off method, net realizable value method and constant gross margin percentage method and also sales-to-production-ratio-method.
The by-product can be accounted using the following methods-
- Non-cost: Includes other income and by-product revenue received any from main product costing.
- Cost Methods: This includes replacement cost method, Total costs by products at standard price method and Joint cost proration method too.
Having looked at the above points, we now know why students are in need of joint and by-product costing homework answers.
Needless to say, getting help for home assignment is going to benefit them from the following aspects-
- Get timely results: You will certainly not want to waste time in looking for one particular answer. When you do have a number of submissions to go, seeking help seems to be the best option.
- Featured Analysis: Apart from the completion of the home assignment, the students benefit it from a detailed analysis point of view. Every joint and by-product costing homework answers given are 100% accurate and with analysis for better understanding.
For Example Mikale Inc. produces three products; A, B and C in a single joint process. The joint costs of last month were $100,060 when 20000 units of Product A, 3000 units of B and 555 units of C were produced. Additional costs for A product are $12000, B product is $1000, and Product C is $2000. Product A sold for $30, Product B sold for $ 15 and product C sold for $5 each. Find the joint cost allocation using net realizable value method.
In this case, the student has to understand the concept of net realizable value, its formula, the components involved in it, the calculation method, and the overheads value, etc.
One element left out, and the entire answer goes wrong. This is where the demand for taking help to finish home assignments arises. The detailed answers are given with analysis. Why is A better than B or C is explained in a way, that the student is prepared to face such questions even in the examination.
- Online tutoring benefit: You can inquire at your own leisure time. Otherwise coming home from your lectures and attending another coaching class just to understand one particular concept, is a sheer waste of time.
- Many submissions at one go: In the competitive world today when each one wants to be the best. Why should you stay behind? When you have many submissions to go, you have no options but to do it. Stress, irritability, and inattentiveness build up due to mental pressure. It is then; it becomes imperative that you should seek help.
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Students strive hard to adhere to a great career in the commerce field. A company’s cost accounting department is the backbone of a company. Getting the basics right at the beginning is thereby important. Let us make their studying experience a natural one, an enjoyable one and a stress-free one.