Question:
Byproduct-costing journal entries. The Mat Place's accountant needs to record the information about the joint and byproducts in the general journal, but is not sure what the entries should be. The company has hired you as a consultant to help its accountant.
1. Show journal entries at the time of production and at the time of sale assuming the Mat Place accounts for the byproduct using the production method.
2. Show journal entries at the time of production and at the time of sale assuming the Mat Place accounts for the byproduct using the sales method.