A dairy company processed raw milk for $69,500. 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 $ 34,500 55,200 48,300 $ 138,000 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 Numerator Denominator % of Total Whole milk $ 34,500 0 2% milk 55,200 0 0 Skim milk 48,300 Totals $ 138,000 Allocated Cost Gross Profit 0 0 $ 0 $ 0