Which of the following defines spoilage?
◦ units of production that do not meet the specifications required by customers but that are subsequently repaired and sold as good finished units
◦ units of production whether fully or partially completed, that do not meet the specifications required by customers for good units and are discarded or sold at reduced prices
◦ residual material that results from manufacturing a product
◦ products of a joint production process that have low total sales values relative to the total sales value of the main product
