Exercise 22-22C Assigning joint product costs LO C3 Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $21 per pound and the flakes for $14 per pound. On average, 100 pounds of lobster are processed into 52 pounds of tails and 22 pounds of flakes, with 26 pounds of waste. Assume that the company purchased 2.400 pounds of lobster for $4.50 per pound and processed the lobsters with an additional labor cost of $1,800. No materials or labor costs are assigned to the waste. If 1,096 pounds of tails and 324 pounds of flakes are sold, calculate the allocated cost of the sold items and the allocated cost of the ending inventory. The company allocates Joint costs on a value basis, (Round cost per pound answers to 2 decimal places.) Yield per 2,400 lb. Purchase Market Value per 2,400 lb. Purchase Percent of Market Value Cost to be Allocated Allocated Cost 2,400 Pound Purchase Cost per Pound Numerator Denominator Value Lobster Tails Lobster Flakes Totals 1) What is the allocated cost of the sold items? Cost per Cost of Pounds sold Goods Sold Pound Lobster Tails Lobster Flakos Totals 2) What is the allocated cost of the ending Inventory? Pounds in Cost of Cost per Ending Ending Pound Inventory Inventory Lobster Tails Lobster Flakes Totals