Salty, Inc. is a producer of potato chips. A single production process at Salty, Inc., yields potato chips as the Salty, Inc. is a producer of potato chips. A single production process at Salty, 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

splitoff point, and there are no separable costs. For September $2020,$ the cost of operations is $$505,000.$ Production

and sales data are as follows:

There were no beginning inventories on September $1,2020.$

Read the requirements.

proportion of inventory first, then complete your calculation.$)$

Data table

Requirement $2.$ What are the inventory costs reported in the balance sheet on September $30,2020,$ for the main pr

zero balance.$)$ Salty, Inc. is a producer of potato chips. A single production process at Salty, 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

splitoff point, and there are no separable costs. For September $2020,$ the cost of operations is $$505,000.$ Production

and sales data are as follows:

There were no beginning inventories on September $1,2020.$

Read the requirements.

Record the entry for sales of the byproduct during September.

Record the entry for sales of the main product during September. $($Do not record the cost, we will do this in the next

Data table

Record the entry for the cost of the main product sold during September.

journal entry table and leave the other cells blank if a journal entry is not required.$)$ journal entry table and leave the other cells blank if a journal entry is not required.$)$

Begin by preparing the entry to record the direct materials purchased and used in production during September.

Record the entry for the cost of goods completed $($for the byproduct$)$ during September.

Record the entry for the cost of goods completed $($for the main product$)$ during September.

Record the entry for sales of the byproduct during September.Record the entry for sales of the byproduct during September.

Record the entry for sales of the main product during September. $($Do not record the cost, we will do this in the next step.$)$

Record the entry for the cost of the main product sold during September.

Data table

Briefly discuss the effects on the financial statements.

Under the

method revenue is not recognized for the sale of the byproduct. Instead, the NRV of the

principle and is therefore the preferred method.

main product, as well as a byproduct that can be sold as a snack. Both products are fully processed by the

splitoff point, and there are no separable costs. For September $2020,$ the cost of operations is $$505,000.$ Production

and sales data are as follows:

There were no beginning inventories on September $1,2020.$

Read the requirements.

proportion of inventory first, then complete your calculation.$)$

zero balance.$)$Salty$,$ Inc. is a producer of potato chips. A single production process at Salty, 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

splitoff point, and there are no separable costs. For September $2020,$ the cost of operations is $$505,000.$ Production

and sales data are as follows:

There were no beginning inventories on September $1,2020.$

Read the requirements.

the journal entry table and leave the other cells blank if a journal entry is not required.$)$

Begin by preparing the entry to record the direct materials purchased and used in production during September.

Record the entry for the cost of goods completed $($for the byproduct$)$ during September.

Record the entry for the cost of goods completed $($for the main product$)$ during September.

Record the entry for sales of the byproduct during September.

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