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Husky Maple Products (HMP) extracts and processes maple syrup. There were no beginning inventories at March 1. During March, HMP processed 11,000 liters of sap and obtains 800 liters of syrup and 50 kilograms of bark mulch (the rest of the sap evaporates in the production process). Processing the 11,000 litres of sap costs HMP $1,600. HMP sells 500 litres of syrup for $4.50 per litre. In addition, HMP sells 30 kilograms of bark mulch for $1.60 per kilogram. HMP treats the bark mulch as a by-product.

Required:

1. Assuming HMP accounts for the by-product using the production method, what is the value of the ending inventory for each product(s) at March 31? (5 marks)
2. Assuming HMP accounts for the by-product using the sales method, what is the value of the ending inventory for each product(s) at March 31? (5 marks)