What are the major differences between joint and by-products

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Reference no: EM131845278

Question: Certain businesses operate in a Process Costing Environment. In such an environment, joint and by-products may be produced .

Required: 1) What is a joint cost and when does it arise?

2) What are the major differences between joint and by-products?

Examples should be used in your explanations for 1) and 2) above.

Reference no: EM131845278

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