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Joint products can be defined two or more products produced simultaneously in a single production process. Two or more products are produced from one common input in one phase of production. This phase of production is referred to as split off point. Some examples of joint products are- milking a cow give both milk and cream; in oil industry, lubricants, coal tar, gasoline, kerosene and dual oil are produced from crude petroleum. These joint products are not produced naturally or incidentally whereas it relies on the part of management involved. In join products, all the products are of equal economic importance. Joint Products Assignment help provides deep knowledge about joint products, different methods related to it and its objectives.
Objectives and Different methods involved
The characteristics of joint products given in Joint Products Assignment help are
• Joint products do not require to be further processed after the point of separation. After the split off point, these joint products are sold directly.
• In some cases, the joint products may require further processing.
• Simultaneous common processing is to be done for joint products.
• The management is not responsible and has no control over the quality of joint products.
• All the joint products are significantly equal in value when compared with other joint products while the sale value of the joint products is relatively high.
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The different methods used for dividing the joint costs among join products explained in Joint Products Assignment help are
• Physical Units Method – Physical Units Method is very simple to use and it is also a very sound method. The joint costs are divided among the joint products. This division is done in the ratio of physical units of output which is produced at the point of separation (which is known as the split off point). This method is used only when there is similar state of matters. It cannot be used when the output is of different types of products (liquid, solid, etc.). There is no logic behind this method as it allots same unit to both low quality and high quality of joint products.
• Average Unit Cost Method – Average cost unit per production is obtained by dividing the total units produced at that point with the total cost incurred up to the split-off point. When all the products are termed as same unit, this method is used. It is a very simple method and can be easily adopted. The disadvantage of this method is that it is not useful for scientific decision-making. Average unit cost method is explained in a detailed way in Joint Products Assignment help.
• Survey Method – Under this method, proper allocation of joint costs is done. This method is considered more effective than other methods. Weights are assigned to each product which results in the fair allocation of joint costs. The other methods can also be studied.
Features of Joint Products Assignment help are
Clients looking for Joint Products Assignment help from us can expect a few pros and traits
• Products information to be specified.
• Data details to be exact and accurate.
• Notes on the subject are adequate.
• Professional advice anytime available.
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