(By product/scrap; net realizable value vs. realized value) Indicate whether each item that follows is associated with (1) the realized value approach or (2) the net realizable value approach.
a. Is easier to apply
b. Is used to reduce the cost of main products in the period the by product is produced
c. Presents proceeds from sale of the by product as other revenue or other income
d. Ignores value of by product/scrap until it is sold
e. Has the advantage of better timing
f. Should be used when the by product’s net realizable value is large
g. Is less conservative
h. Is the most clerically efficient
i. Credits either cost of goods sold of main products or the joint cost when the by product inventory is recorded
j. Is appropriate if the by product’s net realizable value is small