THE IMPACT OF COST ALLOCATION FOR JOINT PRODUCTS AND BY-PRODUCTS
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Abstract: THE IMPACT OF COST ALLOCATION FOR JOINT PRODUCTS AND BY-PRODUCTS
This study investigates the impact of cost allocation methods for joint products and by-products in the manufacturing industry in Lagos. The objectives are to evaluate the effectiveness of different cost allocation methods, assess their impact on financial performance, and identify the challenges faced during implementation. A survey design was employed, gathering data from 250 financial managers and cost accountants, derived using Taro Yamane's formula. A detailed case study of a leading manufacturing company in Lagos provided comprehensive insights. The reliability coefficient score of the survey instrument was 0.89. Findings indicate that accurate cost allocation methods, such as physical measures and net realizable value, significantly enhance financial performance by providing precise cost information and facilitating better pricing decisions. However, challenges such as data collection difficulties and high implementation costs were noted. Recommendations include providing more training on cost allocation methods, simplifying data collection processes, and integrating these methods with overall financial management practices to improve efficiency and performance.
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