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The Darl Company operates a simple chemical process to convert a single material into three separate items, referred to here as X,Y, and Z. All three end products are separated simultaneously at a single splitoff point. (i) (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.) Net realizable value of total production at splitoff Weighting Requirements 1. Compute the cost of inventories of X,Y, and Z 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 X,Y, and Z using the two methods given in requirement 1. More info More info - X60 tons sold for $1,500 per ton - Y260 tons sold for $1,000 per ton - Z470 tons sold for $700 per ton The total joint manufacturing costs for the year were $328,000. Darl spent an additional $200,000 to finish product Z. There were no beginning inventories of X, Y, or Z. At the end of the year, the following inventories of completed units were on hand: X,240 tons; Y,140 tons; Z,30 tons. There was no beginning or ending work in process. Products X and Y 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

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