EQuestlon Help E16-22 (similar to) Farm Grown Chicken grows and processes chickens. Each chicken is disessembled into five mairn parls. Farm Grown Chicken is computing the ending inventory values for its July 31, 2017, balance sheet. Ending inventory amounts on July 31 are 17 pounds of breasts, 8 pounds of wings, 5 pounds of thighs, 7 pounds of bones, a joint product. and 3 pounds of feathers. Farrm Grown 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 Click to view information on the sales value at splitoff method.) Read the requirements. Requirement 1 Assurme Farm Grown Chicken classifies all five products BS joint products. What are the ending inventory values of each product on July 31. 2017? Round yournswers to the nearest cent. Enter an 8mount for each product including zero balances.) i Reference Product Ending inventory value Breasts Wings Thighs Breast Wings Thighs Bones Feathers Total Bones ounds of product 100 30 250 i Requirements holesale selling price Feathers S 0.40 0.30 S 0.35 S 0.15 0.10 per pound Total ales value at splitoff $ 40.00 $ 9.00 $ 17.50$ 9.75 0.50$ 76.75 1. Assume Farm Grown Chicken classifies all five products as joint products. What are the ending inventory values of each procuct on July 31, 2017? 2. Assume Farm Grown 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? ighting: Sales Value 0.521 0.007 1.000 at splitoff 0.117 0.228 0.127 oint costs allocated 39.08 8.78 S 17.10 5 9.53$0.53 S 75.02 llocated costs 3. Comment on dlfferences in the results In 1 and 2, S 0.3908S 0.2927 S 0.3420 S 0.14660.1060 per pound PrintDone Enter any number in the edit field Print Done Clear All