One of your client is a manufacturer and produces multiple products and senior management needs answers to some questions. Their questions are:

(a) What do joint cost and splitoff point mean, and how do joint products differ from byproducts?

(b) Why are joint costs allocated to individual products and what methods can be used to allocate joint costs to individual products?

(c) When is the sales value at splitoff method considered preferable for allocating joint costs to individual products and why?

(d) Are joint cost relevant in a sell or process further decision.

Please respond to their concern.