Joint products and by-products - exercises with solutions

Exercise-1: Joint cost allocation – market value method

Exercise-2: By-product costing and journal entries

Exercise-3: Joint cost allocation using weighted average method

Exercise-4: Joint product costing – average unit cost and market value methods

Exercise-5: Reversal cost method for by-products

Exercise-6: Joint cost allocation – net realizable value (NRV) method

Exercise-7: Market value method for joint cost allocation and reversal cost method for by products

Exercise-8: Market value at the split-off point for joint cost allocation

Exercise-9: joint cost allocation; sell immediately or process further

Exercise-10: Three methods of allocating joint costs

Exercise-11: Joint product costing – constant gross margin percentage method

Exercise-12: Sales-to-production-ratio method of joint cost allocation