Question 8, E16-29 (simil... = Homework: Ch 16 Hwk HW Score: 59.87%, 59.87 of 100 points O Points: 0 of 38 Part 1 of 16 There were no beginning inventories on September 1, 2017 Salty, Inc. is a producer of potato chips. A single production process at Salty, 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.) Read the requirements X Data Table Requirement 1. What is the gross margin for Salty, Inc., under the prod your calculation.) hventory: Calculate the proportion of in Production Sales (in pounds) Selling Price per pound 44.800 $ 22 method Production (in pounds) 56,000 8,400 Potato Chips Byproduct Revenues 7,500 $ 5 Main product (potato chips) Byproduct (snack) Print Done Total revenues Cost of goods sold Total manufacturing costs Deduct value of byproduct production Net manufacturing costs 202140-ACG-4341-017-40151-Cost Accounting Nicole DiNatale = Homework: Ch 16 Hwk Question 8, E16-29 (simil.. Part 1 of 16 HW Score: 29.87%, 29.87 of 100 points O Points: 0 of 38 Save There were no beginning inventories on September 1, 2017. 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 $505,000. Production and sales data are as follows: (Click the icon to view the production and sales data.) Read the requirements CH. Requirement 1. What is the gross margin for Quality, Inc., under the production method and the sales method of byproduct accounting? (Enter a "0" for any cells with a zero balance. For the main product inventory: Calculate the proportion of inventory first, then complete your calculation.) Production method Requirements Revenues Main product (potato chips) Byproduct (snack) Total revenues Cost of goods sold Total manufacturing costs Deduct value of byproduct production Net manufacturing costs 1. What is the gross margin for Quality, Inc., under the production method and the sales method of byproduct accounting? 2. What are the inventory costs reported in the balance sheet on September 30, 2017, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? 3. Prepare the journal entries to record the byproduct activities under (a) the production method and (b) the sales method. Briefly discuss the effects on the financial statements. Deduct main product inventory Cost of goods sold Gross margin Print Done Help Me Solve This e Text Pages Get More Help - Clear All Check Answe