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 Sales Value Whole milk $ 33, 009 2% milk 52, 800 Skim milk 46, 209 Total $ 132, 090 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 2% milk Skim milk Totals