Requirements 1. What is the gross margin for Seasons, 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. Print Done Data Table Potato Chips Byproduct Production (in pounds) Sales (in pounds) Selling Price per pound 54,000 41,040 $ 20 8,300 6,500 $ 5 Print Done