Resources, Inc., mines copper. Its smelting process also yields a byproduct, molybdenum, that can be sold for industrial use. Both products are sold at the splitoff point. Lake Resources started November 2017 with no inventories and spent $590,000 on operations that month. Production and sales information for November are given below:

What is the gross margin for Lake Resources, Inc., under the production method and the sales method of accounting for byproducts?

Begin by calculating the gross margin under the production method and then the sales method.