12. If the net realizable value method is used, how much of the joint costs would be allocated to product C? Assume that B is accounted for as a joint product. Q- P38,889 b. P50,000. CP41,667. d.P62,500 13. Assume B is a by-product whose sales value is credited to the joint production costs. If net realizable value is used, how much of the joint costs would be allocated to product C? a P45,000 b. P50,000 C P43,750 d.P62,500 14. If joint costs are allocated based on relative weight of the outputs how much of the joint costs would be allocated to product A? (all products are joint products) a P43,750 P60,000 CP50,000 d-P62,500
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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