Exercise 22-23A (Algo) Assigning joint product costs LO C2 A dairy company processed raw milk for $70,000. This raw milk can be converted into the following types of milk with listed sales values. Joint Products Whole milk 2% milk Skim milk Sales Value Total $ 35,000 56,000 49,000 $ 140,000 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 Numerator Percent of Total Denominator Allocated Cost Gross Profit % of Total Whole milk 2% milk Skim milk Totals