Tamarisk Inc. is in the corn - milling industry but to date has had only enough manufacturing
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Tamarisk Inc. is in the cornmilling industry but to date has had only enough manufacturing space for one joint process. Tamarisk refers
to its two products as prime products and byproducts. There is a market for both products, but, as the names imply, the prime
products are what Tamarisk got into business to sell, as the prime products' sales price far exceeds that of the byproducts. In a typical
production run, which costs $ Tamarisk Inc. produces the following products, which can be sold at the prices shown.
Because Tamarisk's customers the corn processors count on purchasing topquality raw material from Tamarisk, it is important that
the company maintains a steady amount of inventory. For this reason, Tamarisk never completely sells out of its products. For the
current production run, managers plan to sell of each product immediately, holding in inventory to carry into the next period.Record the journal entries to recognize the completion of the products through the sale of both products if the sales method is
used to account for byproducts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.
If no entry is required, select No Entry" for the account titles and enter for the amounts. List all debit entries before credit entries.
Account Titles and Explanation
To record completion of products
To record sales
To record cost of goods sold
To record sale of byproduct
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