Family Farm is a producer of milk and byproducts. A single production process at Family Farm 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 $340,000. 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. Milk Ghee, byproduct Production (in gallons) Sales (in gallons) Selling Price per Gallon 570,000 552,900 $ 2.70 9,000 8,460 $ 2.30 1. What is the gross margin for Family Farm under the production method and the sales method of byproduct accounting? 2. Requirements nventory 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? Requirement 1. What is the gross margin for Family Farm under the production method and the sales method of byproduct accounting? (Complete all input fields. Enter a 0 for any zero balances.) Production Revenues Main product: Milk Byproduct: Ghee Total revenues Method Sales Method 1492830 1492830 0 19458 1492830 1512280 Cost of goods sold: Total manufacturing costs 340000 340000 Deduct byproduct revenue and inventory 20700 Net manufacturing costs 319300 340000 Deduct main-product inventory 95790 102000 223510 238000 Cost of goods sold 1269320 Gross margin 1274280 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.) Inventoriable costs (end of period): Main product: Milk Byproduct: Ghee Production Method Sales Method