A dairy company processed raw milk for $61,000. This raw milk can be converted into the following types of milk with listed sales values. Joint Products Whole milk 2% milk Skim milk Total Sales Value $ 26,000 41,600 36,400 $ 104,000 Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each type of milk. Joint Products Sales Value Percent of Total Allocated Cost Gross Profit Numerator Denominator % of Total Whole milk $ 33,000 $ 33,000 $ 132,000 25% $ 2% milk 52,800 52,800 132,000 40% 17,000 $ 27,200 16,000 25,600 Skim milk 46,200 46200 132,000 35% 23,800 22,400 Totals $ 132,000 100% $ 68,000 $ 64,000