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. 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? 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 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 0 for any zero balances.) Inventoriable costs (end of period): Main product: Milk Byproduct: Ghee Production Method Sales Method