produce 24 table coverk, 77 chat povers and 2 pounds of package tiler frem 100 pounds ol bolfes. (i. (cick the icon fo view adduonal intomation). Read the requictenents ending inventory cott for each product and gross marge for Eifc? More info In Junn, EFCC had no begining mendory it punctased and procesied to0.000 pounde of betes at a oost of 5500,000 . ERC sold 22.000 tabie coven for 510 each. Te.000 char covers foe 55 each, and 1,900 pounde of package filer at $0ic per pound. Requirements 1. Assume that ERC allocates the joint costs to table and chair covers using the sales value at splitoff method and accounts for the byproduct using the production method. What is the ending inventory cost for each product and gross margin for ERC? 2. Assume that ERC allocates the joint costs to table and chair covers using the sales value at splitoff method and accounts for the byproduct using the sales method. What is the ending inventory cost for each product and gross margin for ERC? 3. Discuss the difference between the two methods of accounting for byproducts, focusing on what conditions are necessary to use each method. produce 24 table coverk, 77 chat povers and 2 pounds of package tiler frem 100 pounds ol bolfes. (i. (cick the icon fo view adduonal intomation). Read the requictenents ending inventory cott for each product and gross marge for Eifc? More info In Junn, EFCC had no begining mendory it punctased and procesied to0.000 pounde of betes at a oost of 5500,000 . ERC sold 22.000 tabie coven for 510 each. Te.000 char covers foe 55 each, and 1,900 pounde of package filer at $0ic per pound. Requirements 1. Assume that ERC allocates the joint costs to table and chair covers using the sales value at splitoff method and accounts for the byproduct using the production method. What is the ending inventory cost for each product and gross margin for ERC? 2. Assume that ERC allocates the joint costs to table and chair covers using the sales value at splitoff method and accounts for the byproduct using the sales method. What is the ending inventory cost for each product and gross margin for ERC? 3. Discuss the difference between the two methods of accounting for byproducts, focusing on what conditions are necessary to use each method