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 splitoff point, and there are no 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.) Points: 0 of 1 There were no beginning inventories on September 1, 2020, Read the requirements BLOOD Requirement 1. What is the gross margin for Yum, Inc., under the production method and the sales method of byproduct accounting? (Entor a *o* for any cells with a balance. For the main product inventory Calculate the proportion of inventory first, then complete your calculation) Production method Revenues Requirements Main product (potato chips) Byproduct (snack) 1. What is the gross margin for Yum, Inc., under the production method and the sales method of byproduct accounting? Total revenues 2. What are the inventory costs reported in the balance sheet on September 30, Cost of goods sold 2020, for the main product and byproduct under the two methods of byproduct accounting in requirement 12 Total manufacturing costs 3. Prepare the journal entries to record the byproduct activities under (a) the Deduct value of byproduct production production method and (b) the sales method. Briefly discuss the effects on the financial statements Not manufacturing costs Deduct main product inventory Cost of goods sold Data table Gross margin Sales Potato Chips Byproduct Production (in pounds) 48.000 8.400 pounds) Selling Price per pound 36,480 $ 22 5,500 5 10 Data table Potato Chips Byproduct Production (in pounds) Sales (in pounds) Selling Price per pound 48,000 36,480 $ 22 8,400 5,500 $ 10 Print Done 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. Print Done