Assignment:
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.
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.