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  3. (15-15 terminology. a number of terms are listed b

(15-15 TERMINOLOGY. A number of terms are listed below: Required Select the terms from the...

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Accounting

image (15-15 TERMINOLOGY. A number of terms are listed below: Required Select the terms from the above list to complete the following sentences. Companies provide value-added to their customers through the sale of their A product is any output or service that can be sold for a price that recovers the total costs to bring the product to the customer plus some reasonable profit. Some production processes yield a with the highest sales price, a that requires little if any further processing but is sold for a far lower price, and , which is usually unused direct materials recovered and sold for almost nothing. Two or more products sold at a high price are called joint products. The costs of producing more than one product can be common or plus to complete each product. The determines what pool comprises the joint costs that must be allocated on a reasonable basis. The allocation methods are and . The task of the management team is to select the method of joint cost allocation that best represents what actually happened in the physical production process

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