Pls help, Excel form and answers for 1-5. thankyou.

Checo produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. The remnants are considered a by-product of the process and are sold to a buyer. In February, joint costs amounted to 143,000.00. Salmon remnants produced during the month were 300 kilos. 220 kilos of salmon remnants were sold for cash at 40.00 per kilo

1. Select all the items that are correct if by-products are recognized at the time of sale as cost reduction.

The cost of the main product will not be affected.

Total sales will increase.

By-product inventory will be recognized for the remaining 80 kilos unsold.

All items are incorrect

2. Select all the items that are correct if by-products are recognized at the time of production.

Total sales will increase.

All items are incorrect.

Using the reversal method, by-products will absorb a portion of the joint costs.

If by-products are recognized as inventory, the cost of the main product will decrease.

3. Select all the items that are correct if by-products are recognized at the time of sale as other revenue.

By-product inventory will be recognized for the remaining 80 kilos unsold.

Total sales will increase.

The cost of the main product will not be affected.

All items are incorrect.

4. If by-products are recognized at the time of sale as other revenue, at what amount will the entity recognize as cash inflow?

5. If by-products are recognized at the time of production as other revenue, at what amount will the entity recognize as by-product inventory?

FORMAT of Answers:

AMOUNTS MUST HAVE 2 DECIMAL PLACES: EXAMPLE: 1.00 10.00 100.00 1,000.00 10,000.00 100,000.00 1,000,000.00 Round off Ratios/ percentages to whole percent. Examples: 100/300 = 33.33% you will use 0.33 to allocate the joint cost. 200/300 = 66.66% you will use 0.67 to allocate the joint cost.