Concord Group provides many of the laminated products that teachers use in their classrooms. Concord management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Concord has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,700, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account.

Units Produced Sales Value per Unit
Main Laminated products 1,900 $2
Small cut-outs 280 $0.50

(a) Record the journal entries for the following transactions for Concord under the sales method of accounting for by-products.

1. The completion of all products (main product and by-product).
2. The sale of all the main product.
3. The sale of all the by-product.