Crispy Inc. is a producer of potato chips. A single production process at Crispy 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 For September, the cost of operations is $505,000. Production and sales data are as follows: costs. (Click the icon to view the production and sales data.) There were no beginning inventories on September 1. Required Calculate the gross margin for Crispy Inc. under the production method and then the sales method of byproduct accounting. (Only complete the necessary boxes. For the main product inventory: calculate the proportion of inventory first, then complete your calculation. Hold all decimals for the proportions and round your final answer to the nearest whole dollar.) Revenues Production Method Production and sales data Main product: Potato Chips Byproduct Production (in kg) 54,000 Sales (in kg) Selling Price per kg 48,000 8,200 6,000 $ 16 $ 10 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 Required 1. What is the gross margin for Crispy Inc. under the production method and the sales method of byproduct accounting? 2. What are the inventory costs reported in the statement of financial position on September 30, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? - Print Done