Question
Asked Dec 17, 2019
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Describe two major methods to account for byproducts.

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Expert Answer

Step 1

By Products:

 By products are the products which are produced unintentionally along with the main product. By products have lower value than the primary product manufactured in the same process.

 

Step 2

Identify the methods to account for by products:

Answer: 

  • Production method
  • Sales method
Step 3

Explanation: 

  • Production method identifies by products in the financial statements when production is accomplished.
  • Sales ...

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