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(1) (Click the icon to view additional information.) Read the requirements. First, allocate the joint costs. (Round the weighting values to two decimal places.) Requirements 1. Assume that PRC allocates the joint costs to table and chair covers using the sales value at splitoff method and accounts for the byproduct using the production method. What is the ending inventory cost for each product and gross margin for PRC? 2. Assume that PRC allocates the joint costs to table and chair covers using the sales value at splitoff method and accounts for the byproduct using the sales method. What is the ending inventory cost for each product and gross margin More info for PRC? 3. Discuss the difference between the two methods of accounting for byproducts, focusing on what conditions are necessary to use each method. In June, PRC had no beginning inventory. It purchased and processed 140,000 pounds of bottles at a cost of $980,000. PRC sold 21,000 table covers for $8 each, 83,000 chair covers for $13 each, and 7,000 pounds of package filler at $0.90 per pound