Following is information about log production at Mile High Lumber
Following is information about log production at Mile High Lumber Mill. Joint costs are $600,000.


The lumber can be sold for $3 per board foot. The scraps can be sold for $10 per log.

REQUIRED
A. Create an income statement using the by-product value recognized at the time of sale method.
B. Create an income statement using the by-product value recognized at the time of productionmethod.
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