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Production (in pounds)

Sales (in pounds)

Selling Price per Pound

Main Product:

Production (in pounds). Sales (in pounds). Selling Price per Pound

Potato Chips 52,000 40,560 $18

Byproduct. 8,600. 6,000 $10

Inc. is a producer of potato chips. A single production process at

YumYum,

Inc., yields potato chips as the main product and a byproduct that can also be sold as a snack. Both products are fully processed by the splitoff point, and there are no separable costs. For September

20142014,

the cost of operations is

$ 520 comma 000$520,000.

Production and sales data are as follows:

LOADING...

(Click the icon to view the production and sales data.)There were no beginning inventories on September 1,

20142014.

Requirements

1.	What is the gross margin for YumYum, Inc., under the production method and the sales method of byproduct accounting?
2.	What are the inventory costs reported in the balance sheet on September 30, 20142014, for the main product and byproduct under the two methods of byproduct accounting in requirement 1?

Requirement 1. What is the gross margin for

YumYum,

Inc., under the production method and the sales method of byproduct accounting? (Enter a "0" for any cells with a zero balance. For the main product inventory: Calculate the proportion of inventory first, then complete your calculation.)

	Production
	method
Revenues
Main product
Byproduct
Total revenues
Cost of goods sold
Total manufacturing costs
Deduct value of byproduct production
Net manufacturing costs
Deduct main product inventory
Cost of goods sold
Gross margin

Requirement 2. What are the inventory costs reported in the balance sheet on September 30,

20142014,

for the main product and byproduct under the two methods of byproduct accounting in requirement 1? (Enter a "0" for any cells with a zero balance.)

	Production	Sales
	method	method
Main product
Byproduct

Enter any number in the edit fields and then click Check Answer.