NEED ALL REQUIREMENTS COMPLETED $(1-14)$

The Cook Company operates a simple chemical process to convert a single material into three separate items, referred to here as $\backslash (\backslash$mathrm$\{$X$\},\backslash$mathrm$\{$Y$\}\backslash ),$ and Z $.$ All three end products are separated simultaneously at a single splitoff point. $($Click the icon for additional information.$)$ During $2020,$ the selling prices of the items and the total amounts sold were as follows: $($Click the icon to view the sales information.$)$ Read the requirements. $($a$)$ Start with the NRV cost allocation method. Begin by computing the net realizable value for total production at the point of splitoff and the weighting for each product. $($Enter the weights to two decimal places.$)$ More info Products $\backslash ($ X $\backslash )$ and $\backslash ($ Y $\backslash )$ are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z$,$ however, is processed further before being sold. There is no available market price for Z at the splitoff point. Requirements $1.$ Compute the cost of inventories of $\backslash ($ X$,$ Y $\backslash ),$ and $\backslash ($ Z $\backslash )$ for balance sheet purposes and the cost of goods sold for income statement purposes as of December $31,2020,$ using the following joint$-$cost$-$allocation methods: a$.$ NRV method b$.$ Constant gross$-$margin percentage NRV method $2.$ Compare the gross$-$margin percentages for $\backslash (\backslash$mathrm$\{$X$\},\backslash$mathrm$\{$Y$\}\backslash ),$ and Z using the two methods given in requirement $1.$ More info $-\backslash (\backslash$mathbf$\{$X $-70\}\backslash )$ tons sold for $\backslash (\backslash$$ $2,000\backslash )$ per ton $-$ Y$-240$ tons sold for $\backslash$$$1,500$ per ton $-$ Z$-380$ tons sold for $\backslash$$$1,000$ per ton The total joint manufacturing costs for the year were $\backslash (\backslash$$ $400,000\backslash ).$ Cook spent an additional $\backslash (\backslash$$ $250,000\backslash )$ to finish product $\backslash ($ Z $\backslash ).$ There were no beginning inventories of $\backslash ($ X $\backslash ),$ Y $,$ or Z $.$ At the end of the year, the following inventories of completed units were on hand: $\backslash (\backslash$mathrm$\{$X$\},130\backslash )$ tons; $\backslash (\backslash$mathrm$\{$Y$\},60\backslash )$ tons; $\backslash (\backslash$mathrm$\{$Z$\},20\backslash )$ tons. There was no beginning or ending work in process.