Chec Exercise 22-22A (Algo) Assigning joint costs LO C2 Home Properties is developing a subdivision that includes 480 home lots. The 210 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the 270 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $60,000 and for each Hilltop lot is $106,000. The developer acquired the land for $2,400,000 and spent another $1,700,000 on street and utilities improvements. Assign the joint land and improvement costs of 54,100,000 to the Canyon section and the Hilltop section using the value basis of allocation. (Do not round your intermediate calculations.) Sales Value Cost to Allocate Allocated Cost Percent of Sales Value Denominator Quantity of Lots Numerator % of Sales Value 0 Canyon section Hilltop section Totals 0 0 Exercise 22-23A (Algo) Assigning joint product costs LO C2 A dairy company processed raw milk for $64,000. This raw milk can be converted into the following types of milk with listed sales values Joint Products Sales Value whole silk $ 29,000 2% milk 46,400 Skis milk 40,600 Total $ 116,000 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 Whole milk 29 milk Skim milk Totais 29,000 46,400 40,000 116.000 Percent of Total Numerator Denominator 29,000 s 110,000 48.400 116,000 40000 116,000 Allocated Cost Gross Profit % of Total 25$ 29,000 40% 46,400 359 40,000 100% 116,000 $ $