Which of the following statements is true of joint costing?
◦ The costs of a production process that yields multiple products simultaneously are called joint costs.
◦ Distribution costs incurred beyond the split-off point that are assignable to each of the specific products identified at the split-off point are considered as joint costs.
◦ The primary purpose of joint costing is to allocate the separable costs to the individual products that are eventually sold.
◦ Joint costing is less useful for companies which manufacture multiple products simultaneously from the same production process.