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Question - Farmer Company processes 40,000 pounds of direct materials to produce two products, Apples and Apple Sauce. Apple Sauce, a byproduct, sells for $9 per pound, and Apples, the main product, sells for $50 per pound. The following information is for July:
Production
Sales
Beginning Inventory
Ending Inventory
Apple Sauce
8,700
8,000
0
700
Apples
25,500
24,900
300
900
The manufacturing costs totaled $260,000; beginning inventory $3,200.
Required -
1. Prepare a July income statement assuming that Farmer Company recognizes the byproduct revenue at the time of sale. The company uses FIFO for the inventory flow assumption.
2. Prepare the journal entry to record the byproduct sales.
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