7-1 What are the four objectives in the strategic role of cost allocation? Explain each briefly. 7-2 Explain the difference between joint products and by-products. 7-3 What does the term reciprocal...

7-1 What are the four objectives in the strategic role of cost allocation? Explain each briefly.

7-2 Explain the difference between joint products and by-products.

7-3 What does the term reciprocal mean in the context of departmental cost allocation?