MKT 300 Chapter Notes -Gross Margin, Gross Profit, Profit Margin

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Lo1 describe a joint process, and explain the difference between a by-product and a main product. Lo3 explain the factors that are considered in choosing a joint cost allocation method. Identify the relevant information for deciding whether to process a joint product beyond the split-off point. Lo5 apply the methods that are used to account for the sale of by-products. Lo6 explain how a sales mix affects joint cost allocations. Lo7 evaluate the uses and limitations of joint cost information. These learning questions (lo1 through lo7) are cross-referenced in the textbook to individual exercises and problems. Some goods are produced jointly; many products result from a common process. Main products have high sales value relative to other products when split-off occurs. By-products have low sales value relative to the main products" values. Because all of the other products are sold at or more, the product that sells for only. Main products have relatively high sales values compared to by-products.

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