The Carolina Company prepares lumber for companies who manufacture furniture. The main product is finished lumber with a byproduct of wood shavings The byproduct is sold to plywood manufacturers. For July, the manufacturing process incurred $332.000 in total costs. Eighty thousand board feet of lumber were produced and sold along with 6,800 pounds of shavings. The finished lumber sold for $8.00 per board foot and the shavings sold for $0.80 a pound. There were no beginning or ending inventories Prepare an income statement showing the byproduct (1) as a cost reduction during production, and (2) as a revenue item when sold Cost reduction when Revenue when sold produced Sales: Lumber Shavings Total Sales: Cost of Good Sold Total manufacturing costs Byproduct Total COGS Gross Margin