Homework: Chapter 16 and 22 Homework Save Score: 0 of 15 pts 6 of 7 (0 complete) HW Score: 0%, 0 of 100 pts E16-22 (similar to) A Question Help Top Notch Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Top Notch Chicken is computing the ending inventory values for its July 31, 2017, balance sheet. Ending inventory amounts on July 31 are 20 pounds of breasts, 2 pounds of wings, 10 pounds of thighs, 6 pounds of bones, and 3 pounds of feathers. Top Notch 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. 2 (Click to view information on the sales value at splitoff method.) Read the requirements Requirement 1. Assume Top Notch 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 Ending inventory value Breasts Wings Reference x Thighs Bones Feathers Breast Thighs Bones Feathers Total Total Wings 25 90 35 45 5 200 Requirements $ 0.25 $ 0.35 $ 0.15 $ 0.05 Pounds of product Wholesale selling price per pound Sales value at splitoff Weighting: Sales Value at splitoff Joint costs allocated 0.40 $ 36.00 $ 6.25 $ 12.25 $ 6.75 $ 0.25 $ 61.50 1. 0.585 0.102 0.199 0.004 1.000 0.110 4.40 $ $ 2. 4.08 $ 23.40 $ 7.96 $ 0.16 $ 40.00 Assume Top Notch Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? Assume Top Notch 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? Comment on differences in the results in requirements 1 and 2. Allocated costs $ 0.2600 $ per pound 0.1632 $ 0.2274 $ 0.0978 $ 3. 0.0320 Print Done Print Done Enter any number in the edit fields and then click Check