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What is the answer for letter c? Will give a thumbs up, thanks in advance! Oriole Group provides marry of the laminated products that teachers
What is the answer for letter c? Will give a thumbs up, thanks in advance!
Oriole Group provides marry of the laminated products that teachers use in their classrooms. Oriole management considers the compary to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Oriole has treated these cut-outs as a by-product, since it receives a small value for the items upan sale. The quantities and values of both the main laminated products and the small cut-outs, created in a jaint process that costs $2,000, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. (a) Record the journal entries for the following transactions for Oriole under the sales method of accounting for by-products. (Credit account titles are autamatically indented when the amount is entered. Do not indent manually. If no entry is required, select " No Entry" for the occount titles and enter 0 for the amounts. List all debit entries before credit entries. 1. The completion of all products (main product and by-product). 2. The sale of all the main product. 3. The sale of all the br-product. Record the same transactions as noted in part (a), but now under the production method of accounting for by-products. (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 0 for the amounts. List all debit entries before credlit entries.) (c) If 10% of the production for both products had been unsold as of year-end, haw much inventory cost would remain on the balance sheet for each product under [1] the sales methad and (2) the production method? (Do not leave any answer field blank Enter 0 for amounts.) (1) The sales method (2) The production method
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