Please show the calculation processes

The Watson Company operates a simple chemical process to convert a single material into three separate items, referred to here as X, Y, and Z. All three end products are separated simultaneously at a single splitoff point. Products X and Y are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for Z at the splitoff point. The selling prices quoted here are expected to remain the same in the coming year. During 2018, the selling prices of the items and the total amounts sold were as follows: E: (Click the icon to view the sales information.) A (Click the icon to view additional information.) Required - x X Sales information Sition and the cost of goods sold for operating Requirement 1a. Compute the cost of inventories of X, income statement purposes as of December 31, 2018, Begin by computing the net sales value for total product uct. (Round the weightings to two decimal places.) $ 450 Net sales value of total production at splitoff Weighting X-75 tonnes sold for $1,800 per tonne Y225 tonnes sold for $1,300 per tonne 2280 tonnes sold for $800 per tonne Calculate the joint costs allocated to each of the three p split, if any, to determine the total production costs of ea Je additional costs to process each product after the Ils with a zero balance.) Print Done NRV method: Joint costs allocated $ Additional costs to process Total production costs 135,000'$ 0 135,000' $ 117,000 $ 0 117,000 $ 48,000 $ 120,000 168,000 $ 300,000 120,000 420,000 $ Determine the formula needed to calculate the cost of goods sold using the NRV method. The total joint manufacturing costs for the year were $300,000. Watson spent an additional $120,000 to finish product Z. There were no beginning inventories of X, Y, or Z. At the end of the year, the following inventories of completed units were on hand: X-175 tonnes Y-75 tonnes Z70 tonnes There was no beginning or ending work in process 1. Compute the cost of inventories of X, Y, and Z for the purposes of the statement of financial position and the cost of goods sold for operating income statement purposes as of December 31, 2018, using the following joint cost allocation methods: a. NRV method b. Constant gross margin percentage NRV method 2. Compare the gross margin percentages for X, Y, and Z using the two methods provided in requirement 1. Requirement 1a. Compute the cost of inventories of X, Y, and Z for the purposes of the statement of financial position and the cost of goods sold for operating income statement purposes as of December 31, 2018, using the NRV joint cost allocation method. Begin by computing the net sales value for total production at the point of splitoff and the weighting for each product. (Round the weightings to two decimal places.) X Y Z Total Net sales value of total production at splitoff $ 450,000$ 390,000 $ 160,000 $1,000,000 Weighting - 0.45 0.39 0.16 1.00 Calculate the joint costs allocated to each of the three products and enter them into the table below. Next enter the additional costs to process each product after the split, if any, to determine the total production costs of each product using the NRV method. (Enter a "0" for any cells with a zero balance.) $ NRV method: Joint costs allocated Additional costs to process Total production costs 135,000'$ 0 135,000' $ 117,000 $ 0 117,000'$ Z 48,000 $ 120,000 168,000'$ Total 300,000 120,000 420,000 $ Determine the formula needed to calculate the cost of goods sold using the NRV method. Determine the formula needed to calculate the cost of goods sold using the NRV method. Total cost to produce X Units sold = Cost of goods sold (NRV method) Calculate the cost of goods sold for income statement purposes as of December 31, 2018, using the NRV cost allocation method. (Round amounts to the nearest whole dollar.) NRV method: Cost of goods sold $ X 40,500 $ Y Z 87,750 $ 134,400'$ Total 262,650 Determine the formula needed to calculate the cost of ending inventory using the NRV method. Total cost to producex Units on hand Units produced = Ending inventory (NRV method) Calculate the cost of inventories of X, Y, and Z for the purposes of the statement of financial position as of December 31, 2018, using the NRV cost allocation method. (Round amounts to the nearest whole dollar.) NRV method: Ending inventory X 94,500 $ Y 29,250 $ z 33,600 $ Total 157,350 $ Requirement 1b. Compute the cost of inventories of X, Y, and Z for the purposes of the statement of financial position and the cost of goods sold for operating income statement purposes as of December 31, 2018, using the constant gross margin percentage NRV joint cost allocation method. (Round the percentage to one decimal place, X.X%) Watson's constant gross margin percentage for the period ending December 31, 2018 is 62.5%. Determine the total costs to produce the products under the constant gross margin percentage NRV cost allocation method. Constant GM percentage NRV method: Final sales value of total production $ Y 390,000 $ 243,750 146,250 $ 450,000'$ 281,250 168,750 $ Z Total 280,000 $ 1,120,000 175,000_ 700,000 105,000 $ 420,000 Less: gross margin Total production costs $ Determine the formula needed to calculate the cost of goods sold using the constant GM percentage NRV method. Constant GM% cost of goods sold 2018 revenue 100% GM percentage ) = Calculate the cost of goods sold for income statement purposes as of December 31, 2018, using the constant gross margin percentage NRV cost allocation method. Constant GM percentage NRV method: Cost of goods sold X 50,625 $ Y 109,688'$ Z 84,000$ Total 244,313 $ Determine the formula needed to calculate the ending inventory using the constant gross margin percentage NRV method. Total cost to produce - Cost of goods sold Ending inventory (constant GM%) Calculate the cost of inventories of X, Y, and Z for the purposes of the statement of financial position as of December 31, 2018, using the constant gross margin percentage NRV cost allocation method. (Round amounts to the nearest whole dollar.) Constant GM percentage NRV method: X 118,125'$ Y 36,562' $ Z 21,000 $ Total 175,687 Ending inventory $ Requirement 2. Compare the gross margin percentages for X, Y, and Z using the two methods provided in requirement 1. (Round the gross margin percentages to one decimal place, X.X%.) Z Allocation method NRV Constant GM percentage NRV 70 % 70 % 40 % 62.5 % 62.5% 62.5