E16-24 (similar to) Question Help Quality, Inc. is a producer of potato chips. A single production process at Quality, Inc., yields potato chips as the main product and a byproduct that can also be sold as a snack. Both products are fully processed by the splitoff point, and there are no separable costs. For September 2014, the cost of operations is $490,000. 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, 2014. Requirements 1. What is the gross margin for Quality, 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, 2014, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? for any cells with a zero balance. For the main product inventory: Calculate the proportion of Requirement 1. What is the gross margin for Quality, Inc., under the production method and the sales methcd of byproduct accounting? (Enter a " inventory first, then complete your calculation.) Production method Revenues Main product Data Table Byproduct Total revenues Cost of goods sold Production (in pounds) Sales (in pounds) Selling Price per Pounc Total manufacturing costs Deduct value of byproduct production Net manufacturing costs Deduct main product inventory Main Product Potato Chips Byproduct 46,000 36,800 $ 20 8,100 5,000 Cost of goods sold PrintDone Gross margin Enter any number in the edit fields and then click Check Answer Clear All Check Answer remaining