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Byproduct Journal Entries Production Method

This video shows the journal entries for a byproduct when the company uses the Production Method of accounting for byproducts. Under the Production Method, the expected sales value of the byproduct reduces the total manufacturing cost of the main product(s) in the period in which the byproduct is produced. Thus, if a company incurs $400,000 of manufacturing costs to produce its two main products and happens to obtain a byproduct with a sales value of $30,000, the manufacturing costs of the two main products would be reduced to $370,000. Thus, when the main products are completed, the company would debit Finished Goods Inventory for $370,000 (instead of $400,000) and debit Byproduct Inventory for $30,000. When the main products are sold, the company will debit Cost of Goods Sold for $370,000 (instead of $400,000); thus, the byproduct effectively increases the company's operating profit in the period the byproduct is produced. When the byproduct is ultimately sold, the company will credit the Byproduct Inventory and debit Cash or Accounts Receivable.— Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *  / prof_mclaughlin   — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/4WaNTqV... Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK   / prof_mclaughlin   — ACCESS INDEX OF VIDEOS https://www.edspira.com/index — CONNECT WITH EDSPIRA Facebook:   / edspira   Instagram:   / edspiradotcom   LinkedIn:   / edspira   — CONNECT WITH MICHAEL Twitter:   / prof_mclaughlin   LinkedIn:   / prof-michael-mclaughlin   — ABOUT EDSPIRA AND ITS CREATOR https://www.edspira.com/about/ https://michaelmclaughlin.com