Define joint products and by-products. Explain the various methods available for apportionment of joint costs to joint products. A manufacturer can sell part of the output of process 1 as it is or...

Define joint products and by-products. Explain the various methods available for apportionment of joint costs to joint products.

A manufacturer can sell part of the output of process 1 as it is or process it further in process 2. What cost are relevant in a decision to sell it as it is or to process it further? What costs are irrelevant?