Given for a main product and a by-product:

REQUIRED:

Find the gross profit margin on sales of main product for the current year by the best method. (Note that only 70% of total main product produced was sold.)

The cost of goods sold is

The gross margin percentage is

Joint production costs of main product and by-product.... Actual sales of 70% of main product....... Net realizable value of by-product produced.. Beginning inventories........ $32,000 $50,000 ..$ 2,000 .None