A dairy company processed raw milk for $68,000. 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 $ 33,000 52,800 46,200 $ 132,000 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 Answer is not complete. Allocated Gross Joint Products Sales Value Percent of Total Cost Profit Numerator Denominator % of Total Whole milk S 33,000 $ 33,000 S 132,000 25% $ 16,500 $16,500 2% milk 52,800 52,800 132.000 40% 52.800 Skim milk 46,200 48,200 132,000 35% 40,200 Totals $ 132,000 100% $ 115,500 $ 16,500