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Sequoia Inc. processes 22.344 gallons of direct materials to produce two products, Product X and Product Y. Product X sells for $5 per gallon
Sequoia Inc. processes 22.344 gallons of direct materials to produce two products, Product X and Product Y. Product X sells for $5 per gallon and Product Y, the main product, sells for $186 per gallon. The following information is for December: Units: Product X Production Sales 7,661 5,492 Beginning Inventory 1,557 Ending Inventory ? Product Y 12,537 11,568 2,490 ? The manufacturing costs totaled $41,000. How much is the ending inventory for the byproduct recognized on the balance sheet if byproducts are accounted for using the sales method? (If necessary, round final answer to the nearest whole number)
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