14 2 points Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.50 per pound and the flakes for $14.20 per pound. On average, 100 pounds of lobster are processed into 59 pounds of tails and 28 pounds of flakes, with 13 pounds of waste. Assume that the company purchased 4,000 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $5,700. No materials or labor costs are assigned to the waste. If 2,216 pounds of tails and 1,034 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 Yield per 4,000 lb. purchase Market Value per 4,000 lb. purchase Percent of Market Value Cost to be allocated Allocated cost 4,000 pound purchase Cost per pound Hint Numerator Denominator % of Mkt Value Lobster Tails Print Lobster Flakes Totals 1) What is the allocated cost of the sold items? Cost per Cost of Pounds sold pound Goods Sold Lobster Tails Lobster Flakes Totals 2) What is the allocated cost of the ending inventory? Pounds in Cost of Cost per ending Ending pound inventory Inventory Lobster Tails Lobster Flakes Totals