The Redond Recycling Company (RRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company process 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 as package filler. The filler is considered a byproduct. RRC con produce 24 table covers, 71 chair covers and 10 pounds of package filler from 100 pounds of bottle (Cl the icon to view additional information) Read the segurements Requirement 1. Assume that RRC aliocates the joint costs to table and chair covers using the sales value at spiltof method and accounts for the byproduct using the product method. What is the ending inventory cost for each product and gross margin for RRC? First, al onto the joint costs. (Round the weighting values to two decimal places) Table Chair Covers Covers Total 422400 Sales y lues at splitoff 231000 653400 Weighing 65% 35% 278756 152444 Joint costs allocated 431200 mond Recycling compey (RRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company the bottles in specie piece of equipment that first melts, then reforms the plastic into large sheets that are cut to size. The the cut pieces are se as packageer. The filler is considered a byproduct. RRC can produce 24 table covers, 71 chair covers and 10 pounwackage fiber from 100 pour the icon to vie additional information) requirements ment 1. Assume that RPC allocates the joint costs to table and chair covers using the sales value at spillet i ara accounts for the byproduct using thi on method. Whe is the ending inventory cost for each product and gross margin for RRC? ocate the joint sts. (Round * More Info T! alues at splitt ng Osts allocated In June, RRC had no beginning inventory. It purchased and processed 150,000 pounds of bottles at a cost of $600,000. RRC sold 23.000 table covers for $9 each, 82,000 chair covers for $6 each, and 3,000 pounds of package filler at $0.90 per pound Print Done any number in the edit fields and then click Check Answer. Check Answer Clear All is naining 25C 3 cut to size. The edges from Slaered a byproduct. RRC can produce 24 table covers, 71 chair covers and 10 pounds of package -view additional information.) ts. ume that RR allocates the joint costs to table and chair covers using the sales value at splitoff method and accounts for th- what is he ending inventory cost for each product and gross margin for RRC? t costs (Round i Requirements Te Col coff d 1. Assume that RRC 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 RRC? 2. Assume that RRC 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 RRC? 3. Discuss the difference between the two methods of accounting for byproducts, focusing on what conditions are necessary to use each method. Print Done the edit fields Chech