Define the following terms: joint products, joint costs, and split-off point.
12–14 From a decision-making point of view, should joint costs be allocated among joint products?
12–15 What guideline should be used in determining whether a joint product should be sold at the split-off point or processed further?
12–16 Airlines sometimes offer reduced rates during certain times of the week to members of a businessperson’s family if they accompany him or her on trips. How does the concept of relevant costs enter into the decision by the airline to offer reduced rates of this type?
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