solve al questions with working note

The Lynnwood Recycling Company (LRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company processes the bottles in a special piece of equipment that first melts, then reforms the plastic into large sheets that are cut to size. The edges from the cut pieces are sold for use as package filler. The filler is considered a byproduct. LRC can produce 22 table covers, 80 chair covers and 8 pounds of package filler from 100 pounds of bottles. i (Click the icon to view additional information.) Read the requirements. Requirement 1. Assume that LRC allocates the joint costs to table and chair covers using the sales value at splitoff method and accounts for the byproduct using the production method. What is the ending inventory cost for each product and gross margin for LRC? First, allocate the joint costs. (Round the weighting values to two decimal places.) Table Chair i Requirements - X Covers Covers Total More Info - X Sales values at splitoff 1. Assume that LRC allocates the joint costs to table and chair covers using the Weighting sales value at splitoff method and accounts for the byproduct using the Joint costs allocated In June, LRC had no beginning inventory. It purchased and processed 130,000 production method. What is the ending inventory cost for each product and pounds of bottles at a cost of $780,000. LRC sold 28,000 table covers for $7 each, gross margin for LRC? 79,000 chair covers for $12 each, and 8,000 pounds of package filler at $0.90 per 2. Assume that LRC allocates the joint costs to table and chair covers using the pound. sales value at splitoff method and accounts for the byproduct using the sales method. What is the ending inventory cost for each product and gross margin for LRC? Print Done 3. Discuss the difference between the two methods of accounting for byproducts, focusing on what conditions are necessary to use each method. Print Done