13 Exercise 22-22C Assigning joint product costs LO C3 5 points Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.20 per pound and the flakes for $14.30 per pound. On average, 100 pounds of lobster are processed into 58 pounds of tails and 28 pounds of flakes, with 14 pounds of waste. Assume that the company purchased 3,800 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $6,300. No materials or labor costs are assigned to the waste. If 2,073 pounds of tails and 993 pounds of flakes are sold, calculate the allocated cost of the sold items and the allocated cost of the ending inventory. The company allocates joint costs on a value basis (Round your answers to nearest whole number. Round cost per pound answers to 2 decimal places.) eBook Hint Yield per 3,800 lb. purchase Market Value per 3,800 lb. purchase Percent of Market Value Cost to be allocated Allocated cost 3,800 pound purchase Cost per pound References Pounds sold Goods Sold Numerator Denominator Denominator % of Mkt Value Lobster Tails Lobster Flakes Totals 1) What is the allocated cost of the sold items? Cost per Cost of pound Lobster Tails Lobster Flakes Totals 2) What is the allocated cost of the ending inventory? Pounds in Cost of Cost per pound ending Ending inventory Inventory Lobster Tails Lobster Flakes Totals