Salty, inc, is a producer of potato chips. A singlo production process at Salty, Inc, yialds potavo chips as the main product, as well as a byproduct that can be sold as a snack. Both products are fuly proceesed by the splitolf point, and there are no separable costs. For Septernber 2020 , the cost of operationt is 5525,000 . Production and sales data are as follows (Click the icon to view the production and sales dsta) Requirement 1. What is the gross margin for Saly, Ino, under the producton method and the sales method of Eyproduct accounting? (Entar a "OC Ior any celis with a zoro baiance. For the main product imentory Calcifaie the proportion of inveniory first. then complele your calculation.) Data table Requirements 1. What is the gross margin for Salty, 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 , 2020 , 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