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Love, Inc. is a producer of cassava chips. A single production process at Love, Inc....

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Accounting

Love, Inc. is a producer of cassava chips. A single production process at Love, Inc. yields cassava 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 2023, the cost of operations is $500,000. Production and sales data are as follows:Cassava chips-main product, production(in pounds)52,000,Sales (in pounds)42,640,Selling price per lbs $16. Byproduct production(in pounds)8500, sales (in pounds)6500, selling price per lbs $10. There were no beginning inventories on September 1,2023.Required:What is the gross margin for Love, Inc., under the production method of byproduct accounting? b/ What is the inventry cost on September 30,2023 for the main product?

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