Homework: Ch 17 Question list K Question 1 > Question 7, P17-38 (similar to) Part 1 of 2 HW Score: 50%, 5 of 10 points Points: 0 of 2 Save Big Little Farm is a producer of milk and byproducts. A single production process at Big Little Farm yields milk as the main product, as well as ghee, a byproduct of milk production, that can be sold. Both products are fully processed by the splitoff point, and there are no separable costs. For the month of October 2020, the cost of operations is $355,000. Production and sales data are as follows: (Click the icon to view the production and sales data.) There were no beginning inventories on October 1, 2020. Requirement 1. What is the gross margin for Big Little Farm under the production method and the sales method of byproduct accounting? (Complete all input fields. Enter a O for any zero balances.) Read the requirements. Question 2 > Question 3 Question 4 Revenues Question 5 Main product: Milk Byproduct: Ghee Total revenues Cost of goods sold: Question 6 Question 7 Net manufacturing costs Help me solve this Etext Cost of goods sold Gross margin Requirements Production Method Sales Method 1. What is the gross margin for Big Little Farm under the production method and the sales method of byproduct accounting? Data table Milk Ghee, byproduct Production (in gallons) 570,000 19,000 Sales (in gallons) Selling Price per Gallon 558,600 $ 18,050 $ 2.00 1.70 Print Done 2. What are the inventory costs reported in the balance sheet on October 31, 2020, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? Clear all Check answer