Joint Products Tasty, Inc. is a producer of potato chips. A single production process at Tasty yields potato chips as the main product and a by-product (Bits O' Chips) that can be sold as a snack. Both prodcuts are fully processed by the split-off point. There are no separable costs. For September, the total cost of manufacturing was $500,000.

	In Pounds	In Pounds
	Productions	Sales	Sales price/lb
Potato Chips	50,000	42,640	$16
By-product	10,000	6,6500	$10

Work must be shown for credit. 1. What is the gross profit for September under the Net Realizable Value Method? 2. What is the gross profit for September under the Manufacturing Cost Reduction Method? 3. What is the total inventory value at 9/30 under the Net Realizable Value Method? 4. What is the total inventory value at 9/30 under the Manufacturing Cost Reduction Method?