ECONOMICS

Detailed explanation-1: -A process gives rise, incidentally, to an item of low value, is called. a joint product.

Detailed explanation-2: -Examples of byproducts are manure from a feedlot operation, sawdust at a sawmill, salt from a desalination plant, and straw from a grain harvesting operation.

Detailed explanation-3: -Joint Product. By-Product. Meaning. When the production of two or more products of similar value, are made together with same input and process, is called joint product. The term by-product means a product which is incidentally produced, during the processing operation of another product.

Detailed explanation-4: -A by-product or byproduct is a secondary product derived from a production process, manufacturing process or chemical reaction; it is not the primary product or service being produced.

Detailed explanation-5: -Product costing is the process of calculating the costs incurred with manufacturing a single product. This total cost includes the consumption of raw materials and components, labor, and overhead allocated to a sole unit.