Which of the following statements is correct concerning the split-off point? Costs incurred after the split-off point are called joint costs. The split-off point is the beginning of a joint process. The split-off point is when joint products become separately identifiable. Costs incurred prior to the split-off point are called separable costs. Which of the following are correct reasons for allocating joint costs? A To determine the cost of goods sold of main products B To determine the cost of goods sold of by-products C To determine the cost of joint products for contract reimbursements A. B, and C A only A and B only A and C only In accounting for by-products, the value of the by-product may be recognized at the time of Yes No No Yes Yes Yes No No Suppose three products, X,Y, and Z, are produced simultaneously in a joint process. If the sales value at split-off method is used to allocate joint costs, then the joint cost allocated to product X will increase when the Separable cost of Z increases. Sales value of Y increases. Sales value of Z decreases. Sales value of X decreases