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Renkas Oil \& Gas, a large energy conglomerate, jointly processes purchased hydrocarbons to generate three nonsalable intermediate products: ICR8, ING4, and XGE3. These intermediate products are further processed separately to produce crude oil, natural gas liquids (NGL), and natural gas (measured in liquid equivalents). A federal law that has recently been passed taxes crude oil at 30% of operating income. No new tax is to be paid on natural gas liquids or natural gas. i. (Click the icon to view additional information.) Requirement 1. Allocate the August 2020 joint cost among the three products using the (a) Physical-measure method and (b) NRV method. First, allocate the August 2020 joint cost using the physical-measure method. (Round the weights to five decimal places and joint costs to the nearest cent.) Overview of the process and results. An overview of the process and results for August 2020 are shown here (Note: The numbers are small to keep the fc Requirements 1. Allocate the August 2020 joint cost among the three products using the following: a. Physical-measure method b. NRV method. 2. Show the operating income for each product using the methods in requirement 1. 3. Discuss the pros and cons of the two methods to Renkas Oil \& Gas for making decisions about product emphasis (pricing, sell-or-processfurther decisions, and so on). More info Starting August 2020, Renkas Oil \& Gas must report a separate product-line income statement for crude oil. One challenge facing Renkas Oil \& Gas is how to allocate the joint cost of producing the three separate salable outputs. Assume no beginning or ending inventory