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What is Joint Cost Allocation Methods Explained about?
1. Joint cost allocation is used to allocate common manufacturing costs between joint products produced from a common input and process. Joint costs are allocated using physical quantity, sales value, or constant gross margin methods. 2. Under the physical quantity method, joint costs are allocated based on the relative physical measures of joint products. Under the sales value method, costs are allocated based on sales values at the split-off point or estimated sales values if actual values are unknown.
- Author
- Gaurav Quencro
- Language
- EN