In accounting for by-products, when the by-products are sold for more than the estimated sales value, the difference is: a.credited to Gain or Loss on Sale of By-Product b.debited to Gain or Loss on Sale of By-Product c.immaterial, so not recorded. d.credited to By-Product Inventory.

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 3EA: The following information is taken from a companys records. Applying the lower-of-cost-or-market...

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In accounting for by-products, when the by-products are sold for more than the estimated sales value, the difference is:

	a.	credited to Gain or Loss on Sale of By-Product
	b.	debited to Gain or Loss on Sale of By-Product
	c.	immaterial, so not recorded.
	d.	credited to By-Product Inventory.

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