PLEASE HELP

The Watson Company operates a simple chemical During 2020, the selling prices of the items and process to convert a single material into three the total amounts sold were as follows: separate items, referred to here as X,Y, and Z. All three end products are separated simultaneously at a single (Click the icon to view the sales information.) splitoff point. Read the requirements. (Click the icon for additional information.) Requirement 1. Compute the cost of inventories of X,Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2020, using the (a) NRV, and the (b) constant gross-margin percentage NRV cost allocation methods. (a) Start with the NRV cost allocation method. Begin by computing the net realizable value for total production at the point of splitoff and the weighting for each product. (Enter the weights to two decimal places.) More info Products X and Y are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for Z at the splitoff point Requirements 1. Compute the cost of inventories of X,Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2020, using the following joint-cost-allocation methods: a. NRV method b. Constant gross-margin percentage NRV method 2. Compare the gross-margin percentages for X,Y, and Z using the two methods given in requirement 1 . The Watson Company operates a simple chemical During 2020, the selling prices of the items and process to convert a single material into three the total amounts sold were as follows: separate items, referred to here as X,Y, and Z. All three end products are separated simultaneously at a single (Click the icon to view the sales information.) splitoff point. Read the requirements. (Click the icon for additional information.) Requirement 1. Compute the cost of inventories of X,Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2020, using the (a) NRV, and the (b) constant gross-margin percentage NRV cost allocation methods. (a) Start with the NRV cost allocation method. Begin by computing the net realizable value for total production at the point of splitoff and the weighting for each product. (Enter the weights to two decimal places.) More info Products X and Y are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for Z at the splitoff point Requirements 1. Compute the cost of inventories of X,Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2020, using the following joint-cost-allocation methods: a. NRV method b. Constant gross-margin percentage NRV method 2. Compare the gross-margin percentages for X,Y, and Z using the two methods given in requirement 1