Costs that are incurred to produce two or more products at the same time are called Joint costs.
A product is referred to as finished goods assembled in the industry and distributed to intermediaries to serve in the market and make available to customers.
Joint costs are expenses incurred to produce two or more products together. It is used to determine the cost of operating joint-product operations, which includes collection and disposal.
It is calculated by dividing the sum of the costs incurred for all jointly produced goods prior to their separation by the total number of goods produced collectively.
Therefore, Joint cost is the answer.
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