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Explain what is meant by the term 'by-product'. How should we account for by-products? Describe why the direct material rate variance and the direct material

  1. Explain what is meant by the term 'by-product'. How should we account for by-products?

  1. Describe why the direct material rate variance and the direct material efficiency variance are sometimes computed with reference to different points in time.

  1. How do short-run pricing decisions differ from long-run pricing decisions? Give an example.

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