A dairy company processed raw milk for $62,000. This raw milk can be converted into the following types of milk with listed sales values. Joint Products Whole milk 2% milk Skim milk Sales Value Total $ 27,000 43,200 37,800 $ 108,000 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 $ 27,000 0 $ 15,500 $ 11,500 2% milk 43,200 0 24,800 18,400 Skim milk 37,800 0 21,700 16,100 Totals $ 108,000 0 $ 62,000 $ 46,000