4. Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 2018, the joint costs of processing the tomatoes were $420,000. There was no beginning inventory for the summer. Production and sales information for the summer is as follows: Product Catsup Juice Canned Production (# of cases) 100,000 150,000 200,000 Sales (# of cases) 80,000 120,000 150,000 Sales Value at Splitoff Point Separable Costs S6 per case $3.00 per case 8 per case 5.00 per casa 5 per case 2 .50 per case Final Selling Price Catsup Premium $23 per case Juice Premi $25 per case Canned Premium $7.5 per case Required: a. Determine the amount allocated to each product if the estimated net realizable value (NRV) method is used. b. Compute the cost per case for each product. Complete the following product-line partial income statement for each product (excel template is provided). Product-line Income Statement by using NRV method Catsup Juice Canned | : Revenues Cost of goods sold Joint costs Separable costs Production costs Deduct ending inventory Cost of goods sold Gross margin Gross margin percentage