Cloudy Cow is a producer of milk and byproducts. A single production process at Cloudy Cow yields milk as the main product, as well as ghee, a byproduct of milk production, that can be sold. Both products are fully processed by the splitoff point, and there are no separable costs. For the month of October 2020, the cost of operations is $355,000. Production and sales data are as follows: Click the icon to view the production and sales data.) There were no beginning inventories on October 1, 2020. Read the requirements Requirement 1. What is the gross margin for Cloudy Cow under the production method and the sales method of byproduct accounting? (Complete all input fields. Enter a O for any zero balances.) Production Method Sales Method Revenues Main product: Milk Byproduct: Ghee Total revenues Cost of goods sold: Net manufacturing costs Cost of goods sold Gross margin Requirement 2. What are the inventory costs reported in the balance sheet on October 31, 2020, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? (Complete all input fields. Enter a O for any zero balances.) Production Method Sales Method . pd of bypr Data table Production (in gallons) 530,000 Sales (in Selling Price gallons) per Gallon 514,100 $ 1.80 Milk Ghee, byproduct 18,000 17,100 $ 0.90 Print Done goods sold Requirement 2. What are the inventory costs reported in the balance sheet on October 31, 2020, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? (Complete all input fields. Enter a 0 for any zero balances.) Production Method Sales Method Inventoriable costs (end of period): Main product: Milk Byproduct: Gheo Cloudy Cow is a producer of milk and byproducts. A single production process at Cloudy Cow yields milk as the main product, as well as ghee, a byproduct of milk production, that can be sold. Both products are fully processed by the splitoff point, and there are no separable costs. For the month of October 2020, the cost of operations is $355,000. Production and sales data are as follows: Click the icon to view the production and sales data.) There were no beginning inventories on October 1, 2020. Read the requirements Requirement 1. What is the gross margin for Cloudy Cow under the production method and the sales method of byproduct accounting? (Complete all input fields. Enter a O for any zero balances.) Production Method Sales Method Revenues Main product: Milk Byproduct: Ghee Total revenues Cost of goods sold: Net manufacturing costs Cost of goods sold Gross margin Requirement 2. What are the inventory costs reported in the balance sheet on October 31, 2020, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? (Complete all input fields. Enter a O for any zero balances.) Production Method Sales Method . pd of bypr Data table Production (in gallons) 530,000 Sales (in Selling Price gallons) per Gallon 514,100 $ 1.80 Milk Ghee, byproduct 18,000 17,100 $ 0.90 Print Done goods sold Requirement 2. What are the inventory costs reported in the balance sheet on October 31, 2020, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? (Complete all input fields. Enter a 0 for any zero balances.) Production Method Sales Method Inventoriable costs (end of period): Main product: Milk Byproduct: Gheo
