Question: Can I get help for C please? Waterway Group provides many of the laminated products that teachers use in their classrooms. Waterway ni the company

Can I get help for C please?

Can I get help for C please? Waterway Group provides many of

Waterway Group provides many of the laminated products that teachers use in their classrooms. Waterway ni the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Waterway has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $2,500, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. (a) Your answer is correct. Record the journal entries for the following transactions for Waterway under the sales method of accounting for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 1. The completion of all products (main product and by-product). 2. The sale of all the main product. 3. The sale of all the by-product. eTextbook and Media List of Accounts (b) Your answer is correct. Record the same transactions as noted in part (a), but now under the production method of accounting for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) eTextbook and Media List of Accounts Assistance Used Attempts: 1 of 3 used (c) If 20% of the production for both products had been unsold as of year-end, how much inventory cost would remain on the balance sheet for each product under (1) the sales method and (2) the production method? (Do not leave any answer field blank. Enter 0 for amounts.) Waterway Group provides many of the laminated products that teachers use in their classrooms. Waterway ni the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Waterway has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $2,500, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. (a) Your answer is correct. Record the journal entries for the following transactions for Waterway under the sales method of accounting for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) 1. The completion of all products (main product and by-product). 2. The sale of all the main product. 3. The sale of all the by-product. eTextbook and Media List of Accounts (b) Your answer is correct. Record the same transactions as noted in part (a), but now under the production method of accounting for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) eTextbook and Media List of Accounts Assistance Used Attempts: 1 of 3 used (c) If 20% of the production for both products had been unsold as of year-end, how much inventory cost would remain on the balance sheet for each product under (1) the sales method and (2) the production method? (Do not leave any answer field blank. Enter 0 for amounts.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!