Sheridan Group provides many of the laminated products that teachers use in their classrooms. Sheridan management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Sheridan has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $2,000, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. (a) Record the journal entries for the following transactions for Sheridan under the sales method of accounting for by products. (Credit account titles are automatically indesnted when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) 1. The completion of all products (main product and by-product). 2. The sale of all the main product. 3. The sale of all the by-product. No. Account Titles and Explanation 1. 2. (To record sales) (To record cost of goods sold) 3. As a start-up company, Tamarisk Enterprises encourages its employees to think through the entire value chain to estimate whether it might be worthwhile to take a risk on new products. As part of that program, Sandra is reviewing a product concept that her intern presented to her. The basic idea is to use a common process, which would result in two intermediate products. One product could be sold right away (X). The other product (Y) would have no immediate sales value but after further processing would yield a very highvalue product. Sandra is intrigued enough to dig further into her intern's quantitative analysis, as follows. (a) Your answer is correct. Based on this information, determine which joint cost allocation method the intern must have used when allocating the joint costs to these products. The intern must have used the method. Calculate how much total cost the intern included in the above estimate for (1) the joint process and (2) further processing of product Y. (Round answers to O decimal places, e.g. 5.125.) (1) The joint process (2) Further processing of product Y