E16-22 (similar to) Farm Bred Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Farm Bred Chicken is computing the ending inventory values for its July 31, 2017, balance sheet. Ending inventory amounts on July 31 are 15 pounds of breasts, 7 pounds of wings, 5 pounds of thighs, 4 pounds of bones, and 3 pounds of feathers. Question Help Farm Bred Chicken's management wants to use the sales value at splitoff method. However, management wants you to explore the effect on ending inventory values of classifying one or more products as a byproduct rather than a joint product. (Click to view information on the sales value at splitoff method.) Read the requirements. Requirement 1. Assume Farm Bred Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? (Round your answers to the nearest cent. Enter an amount for each product including zero balances.) Product Breasts Wings Thighs Bones Feathers Total Ending inventory value Pounds of product Wholesale selling price per pound Breast Wings 200 50 Thighs 100 Bones 140 Feathers Total 10 500 $ 0.65 $ 0.30 $ 0.35 $ 0.10 $ 0.05 Sales value at splitoff $ 130.00 $ 15.00 $ 35.00 $ 14.00 $ 0.50 $ 194.50 Weighting: Sales Value at splitoff 0.668 0.077 0.180 0.072 0.003 1.000 Joint costs allocated $ 66.80 $ 7.70 $ 18.00 $ 7.20 $ 0.30 $ 100.00 Allocated costs per pound $ 0.3340 $ 0.1540 $ 0.1800 $ 0.0514 $ 0.0300 1. Assume Farm Bred Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? 2. Assume Farm Bred Chicken uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2017, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? 3. Comment on differences in the results in requirements 1 and 2