Show 89% found this document useful (27 votes) 34K views 41 pages Description:joint and by product accounting testbank. RAIBORN. Original TitleChapter 11- joint and by product Copyright© Attribution Non-Commercial (BY-NC) Available FormatsDOC, PDF, TXT or read online from Scribd Share this documentDid you find this document useful?89% found this document useful (27 votes) 34K views41 pages Chapter 11 - Allocation of Joint Costs and Accounting For By-ProductsOriginal Title:Chapter 11- joint and by product Get answer to your question and much more 52. Which of the following statements is true regarding by-products or scrap? Get answer to your question and much more 53. Which of the following has sales value?By-productsWasteA. no noB. yes noC. yes yesD. no yes 54. Under an acceptable method of costing by-products, inventory costs of the by-product are based on theportion of the joint production cost allocated to the by-product Get answer to your question and much more 55. Which of the following is afalsestatement about scrap and by-products? Get answer to your question and much more This preview shows page 5 - 7 out of 35 pages. 15.In a lumber mill, which of the following would most likely be considered a primaryproduct?a.24 studsb.sawdustc.wood chipsd.tree barkANS: ADIF:EasyOBJ:11-1 16.Fisher Company produces three products from a joint process. The products can be sold at split-off orprocessed further. In deciding whether to sell at split-off or process further, management shouldDIF:EasyOBJ:11-3 Get answer to your question and much more 17.By-products areDIF:EasyOBJ:11-1 Get answer to your question and much more 18.Which of the following statements istrueregarding by-products or scrap?DIF:ModerateOBJ:11-5 Get answer to your question and much more 19.Which of the following has sales value?By-productsWastea.nonob.yesnoc.yesyesd.noyesANS: BDIF:EasyOBJ:11-5 20.Under an acceptable method of costing by-products, inventory costs of the by-product are based on theportion of the joint production cost allocated to the by-productDIF:EasyOBJ:11-5 Get answer to your question and much more 21.Which of the following is afalsestatement about scrap and by-products?DIF:EasyOBJ:11-5 Get answer to your question and much more Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 35 pages? Upload your study docs or become a Course Hero member to access this document Tags Versatile Company, Ratcliff Company, Allocation of Joint Costs |
In a lumber mill, which of the following would most likely be considered a primary product
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