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Question 3 5 pts (Chapter 16) Consider the following statements: Statement 1: In joint costing,...

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Accounting

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Question 3 5 pts (Chapter 16) Consider the following statements: Statement 1: In joint costing, the physical measures are generally used for products or services that are processed and, after split-off, additional value is added to the product and a selling price can be determined. Statement 2: The net realizable value (NRV) method method allocates joint costs to joint products produced during the accounting period in such a way that each individual product achieves an identical gross-margin percentage. Select: Both statements are false Statement 1 is true, statement 2 is false Statement 1 is false, statement 2 is true O Both statements are true

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