Ch. 17 - Oak Farms Corporation processes raw milk up to the split-off point where two products, cream and liquid skim, are produced and sold. There was no beginning inventory. The following material was collected for the month of May: The cost of purchasing 850,000 gallons of direct materials and processing it up to the split-off point to yield a total of 827,000 gallons of good product was $2,340,000. What are the physical-volume proportions to allocate joint costs for cream and liquid skim, respectively? 51.51% and 48.49% 50.00% and 50.00% 53.93% and 46.07% 52.47% and 47.53%