Production in lbs Sales in lbs Selling price per lb Potato chips 56000 44800 18 Byproduct 8300 5500 10 There were no beginning inventor Read the requirements Quality, Inc. is a producer of potato chips. A single production process at Quality, Inc., yields potato chips as the main product, as well as a byproduct that can be sold as a snack. Both products are fully processed by the splitoff point, and there are no separable costs. For September 2017, the cost of operations is $495,000 Production and sales data are as follows: (Click the icon to view the production and sales data) Requirement 1. What is the gross margin for Quality, Inc., under the production method and the sales method of byproduct accounting? (Enter a "o" fe proportion of inventory first, then complete your calculation Production method 806400 0 Revenues Main product (potato chipo) Byproduct (snack) Total revenues Cost of goods sold Total manufacturing costs 806400 495000 Enter any number in the edit fields and then click Check Answer sales data are as follows: (Click the icon to view the production and sales data.) 806400 Main product (potato chips) 0 Byproduct (snack) 806400 Total revenues 495000 83000 Cost of goods sold Total manufacturing costs Deduct value of byproduct production Net manufacturing costs Deduct main product inventory 412000 123750 535750 Cost of goods sold Gross margin 270650 Enter any number in the edit fields and then click Check Answer Do the sales method as well