Calculate the joint costs and allocate them to individual products for Coca-Cola Company's production process. Coca-Cola produces both regular Coke and Diet Coke from a common production process. Determine the joint costs incurred up to the split-off point and allocate them based on the relative sales value or physical quantities of each product.
Values:
•Total Joint Costs: $1,000,000
•Regular Coke Sales Value: $800,000
•Diet Coke Sales Value: $600,000