5) Ocean Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20 per pound and the flakes for $15 per pound. On average, 100 pounds of lobster are processes into 57 pounds of tails and 24 pounds of flakes, with 19 pounds of waste. Assume that the company purchased 3,000 pounds of lobster for $6,00 per pound and processes the lobsters with an additional labor cost of $1,800. No materials or labor costs are assigned to the waste. What is the cost to process tails and flakes and the cost per pound? You are going to use the sales value for this process. Calculated the answer by doing the following steps. 1 Calculate the total cost for 3000 lbs of lobster including purchase cost and additional labor. 2 Calculate the pounds of tails and the flakes that result from processing 3000 lbs of lobster. (Tails & Flakes are your products.) 3 Calculate the sales value of the processed lobster and the percentage of total sales value to each product. 4 Multiply the total cost for both products times the sales value percentage to get the cost associated to each product. To get the cost per pound, divide the total cost for each product by the pounds processed for each product