Exercise 4-12A (Algo) Allocating joint product cost LO 4-4 Gibson Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 342,000 pounds of raw materials, the company generates 80,000 pounds of B7, 165,000 pounds of K6, and 97000 pounds of X9. A standard batch costs $3,420,000 to produce. The sales prices per pound are $8, $12, and $20 for B7, K6, and X9, respectively Required a. Allocate the joint product cost among the three final products using weight as the allocation base. b. Allocate the joint product cost among the three final products using market value as the allocation base. Complete this question by entering your answers in the tabs below. Required A Required B Allocate the joint product cost among the three final products using weight as the allocation base. Product Allocation Rate x Weight of Base = Allocated Cost B7 $ 0 KO 0 X9 0 Total allocated cost s 0 Required A Required B > Exercise 4-12A (Algo) Allocating joint product cost LO 4-4 Gibson Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 342,000 pounds of raw materials, the company generates 80,000 pounds of B7, 165,000 pounds of K6, and 97,000 pounds of X9. A standard batch costs $3,420,000 to produce. The sales prices per pound are $8, $12, and $20 for B7, K6, and X9, respectively. Required a. Allocate the joint product cost among the three final products using weight as the allocation base. b. Allocate the joint product cost among the three final products using market value as the allocation base. Complete this question by entering your answers in the tabs below. Required A Required B Allocate the joint product cost among the three final products using market value as the allocation base. (Round "Allocation rate" to 2 decimal places.) Product B7 K6 X9 Allocation Rate x Weight of Base = Allocated Cost $ 0 0 X 0 Total allocated cost $