(By-product accounting method selection) The company you work for en- gages in numerous joint processes that produce significant quantities and types of by-products. You have been asked to give a report to management on the best way to account for by-products. Develop a set of criteria for making such a choice and provide reasons that each of the criteria has been selected. On the basis of your criteria, along with any additional assump- tions you wish to provide about the nature of the company you work for, recommend a particular method of accounting for by-products and explain why you consider it to be better than the alternatives.

 LO1.