9.3  Accounting for by-products
　　Methods of accounting for by-products:
　?。?）The most common method is to deduct the net realizable value of the by-product from the cost of the main products.
　　The net realizable value is the final saleable value of the by-product minus any post-separation costs. Any closing inventory valuation of the main product or joint products would therefore be reduced.
　?。?）Income（ minus any post-separation further processing or selling costs） from the sale of the by-product may be added to the sales of the main product.
　?。?）The sales of the by-product may be treated as a separate, incidental source of income against which are set only post-separation costs of the by-product. The revenue would be recorded in the income statement as “ other income.”
　　（4）The sales income of the by-product may be deducted from the cost of production or cost of sales of the main product.
　　Example 5:
　　During November 2008, S Co. recorded the following results.
　　Opening inventory Main product P　　 Nil
　　By-product 　　　　　Z　　　　　　　 Nil
　　Cost of production　　　　　　　　 $120,000
　　Sale of the main product amounted to 90% of output during the period, and 10% of production was held as closing inventory at 30 November.
　　A by-product Z is produced, and output had a net sales value of $1,000. Of this output, $700 was sold during the month, and $300 was still in inventory at 30 November.
　　Required: calculate the profit for November using the four methods of accounting for by-products.
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