Case 2 (4.5 Marks) Joint cost allocation Dick Tracey Inc. produces two types of microwavable products: Beef and Shrimp. The two products share common inputs such as noodles and spices. The production of beef results in a waste product referred to as stock dumps at a low cost in the local drainage. Required: 2. Physical measure method Using the Physical measure method calculate the Dick Tracy gross margin percentage for beef and shrimp using the following May 2019 data that were reported for the production and sales of beef and shrimp Joint Costs $400,000 Joint costs (costs of noodles, spices and other inputs and processing to split-off point) Beginning inventory (tons) Production (tons) Sales Ending inventory Selling price per unit Beer 0 20,000 20,000 0 S5 Shrimp 0 28,000 28,000 0 S 20 Answer Physical measure method PANEL A: Allocation of Joint Costs using Physical Measure Method Special B Special S/ Beer Shrimp Total PANEL B: Product-Line Income Statement for May 2019 Special B Specials Total