Yum, Inc. is a producer of potato chips. A single production process at Yum, Inc, yields potato chips as the main product, as well as a byproduct that can be sold as a snack. Both products are fully processed by the spitoff point, and there are to separable costs. For September 2020, the cost of operations is $530,000. Production and sales data are as follows (Click the icon to view the production and sales data) There were no beginning inventories on September 1, 2020 Read the requirements Data table Potato Chips Byproduct Production (in pounds) 42,000 8,600 Sales (in pounds) 32,760 $ 8,000 $ Selling Price per pound 24 10 202 Print Done - X Requirements 1. What is the gross margin for Yum, Inc., under the production method and the sales method of byproduct accounting? 2. What are the inventory costs reported in the balance sheet on September 30, 2020, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? 3. Prepare the journal entries to record the byproduct activities under (a) the production method and (b) the sales method. Briefly discuss the effects on the financial statements. - Requirement 1. What is the gross margin for Yum, Inc., under the production method and the sales method of byproduct accounting? (Enter a "" for any cats w inventory fint, then complete your calculation) haawo barance For the main product inventory Calculate the proportion of Production method method Revenu Man product potato chips) 706240 706240 B0000 Byproduct (c) 666240 Total revenues Cost of goods so Total manufacturing costs 530000 530000 00000 Deduct value of byproduct production Net manufacturing costs 444000 530000 Deduct main product inventory Cost of goods sold Gross margin Requirement 2. What are the inventory costs reported in the balance sheet on September 30, 2000, for he man pod and byproduct under the two methods of producing med 17 ( Production method method on the first ine of the