The Plan Recycling Company (PRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company processes the Doment that mat, then reforms the plastic Into large shots that are out to the edges from the cut pieces are sold for speciale. There byproduct PRC can produs 2 covers 77 chair covers and 10 pounds of package from 100 pounds of bottles Contowaliomaton 1. Assume that PRC 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 PRC? 2. Assume that PRC allocates the joint costs to table and chair covers using the 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 PRC? 3. Discuss the difference between the two methods of accounting for byproducts, focusing on what conditions are necessary to use each method. In June, PRC had no beginning inventory. It purchased and processed 160,000 pounds of bottles at a cost of $1,280,000. PRC sold 26,000 table covers for $11 each, 78,000 chair covers for $13 each, and 6,000 pounds of package filler at $0.50 per pound The Plan Recycling Company (PRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company processes the Doment that mat, then reforms the plastic Into large shots that are out to the edges from the cut pieces are sold for speciale. There byproduct PRC can produs 2 covers 77 chair covers and 10 pounds of package from 100 pounds of bottles Contowaliomaton 1. Assume that PRC 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 PRC? 2. Assume that PRC allocates the joint costs to table and chair covers using the 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 PRC? 3. Discuss the difference between the two methods of accounting for byproducts, focusing on what conditions are necessary to use each method. In June, PRC had no beginning inventory. It purchased and processed 160,000 pounds of bottles at a cost of $1,280,000. PRC sold 26,000 table covers for $11 each, 78,000 chair covers for $13 each, and 6,000 pounds of package filler at $0.50 per pound