Franklin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $8,050, the company produces two parts: 3,250 pounds of drumsticks and 6,000 pounds of breast for a processing cost of $6,370. The chicken breast is further processed into 5,200 pounds of steak for a processing cost of $2,100. The market price of drumsticks per pound is $1.30 and the market price per pound of chicken steak is $4.10. If Franklin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.30. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. b-2. Calculate the gross profit for each product. c-1. Should Franklin further process chicken breasts into chicken steak? (Use the assumption made in requirement b- 1 ). c-2. How would the profit be affected by your answer in c1 ? Complete this question by entering your answers in the tabs below. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. Note: Round "Allocation rate" to 2 decimal places. Franklin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processe them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $8,050, the company produces two parts: 3,250 pounds of drumsticks and 6,000 pounds of breast for a processing cost of $6,370. The chicken breast is further processed into 5,200 pounds of steak for a processing cost of $2,100. The market price of drumsticks per pound is $1.30 and the market price per pound of chicken steak is $4.10. If Franklin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.30. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. b-2. Calculate the gross profit for each product. c-1. Should Franklin further process chicken breasts into chicken steak? (Use the assumption made in requirement b ). c-2. How would the profit be affected by your answer in c-T? Complete this question by entering your answers in the tabs below. Calculate the gross profit for each product. Franklin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $8,050, the company produces two parts: 3,250 pounds of drumsticks and 6,000 pounds of breast for a processing cost of $6,370. The chicken breast is further processed into 5,200 pounds of steak for a processing cost of $2,100. The market price of drumsticks per pound is $1.30 and the market price per pound of chicken steak is $4.10. If Franklin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.30. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. b-2. Calculate the gross profit for each product. c-1. Should Franklin further process chicken breasts into chicken steak? (Use the assumption made in requirement b - c-2. How would the profit be affected by your answer in c1 ? Complete this question by entering your answers in the tabs below. If the drumsticks are producing a loss, should that product line be eliminated? Problem 4-24A (Algo) Allocating joint product cost LO 4-4 Franklin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $8,050, the company produces two parts: 3,250 pounds of drumsticks and 6,000 pounds of breast for a processing cost of $6,370. The chicken breast is further processed into 5,200 pounds of steak for a processing cost of $2,100. The market price of drumsticks per pound is $1.30 and the market price per pound of chicken steak is $4.10. If Franklin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.30. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. b-2. Calculate the gross profit for each product. c-1. Should Franklin further process chicken breasts into chicken steak? (Use the assumption made in requirement b). c-2. How would the profit be affected by your answer in c-t? Complete this question by entering your answers in the tabs below. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. Note: Round intermediate calculations and final answers to 2 decimal places. Problem 4-24A (Algo) Allocating joint product cost LO 4-4 Franklin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $8,050, the company produces two parts: 3,250 pounds of drumsticks and 6,000 pounds of breast for a processing cost of $6,370. The chicken breast is further processed into 5,200 pounds of steak for a processing cost of $2,100. The market price of drumsticks per pound is $1.30 and the market price per pound of chicken steak is $4.10. If Franklin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.30. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. b-2. Calculate the gross profit for each product. c-1. Should Franklin further process chicken breasts into chicken steak? (Use the assumption made in requirement b. c-2. How would the profit be affected by your answer in c-1? Complete this question by entering your answers in the tabs below. Should Franklin further process chicken breasts into chicken steak? (Use the assumption made in requirement b-1). Franklin should further process chicken breasts into chicken steak. Problem 4-24A (Algo) Allocating joint product cost LO 4-4 Franklin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $8,050, the company produces two parts: 3,250 pounds of drumsticks and 6,000 pounds of breast for a processing cost of $6,370. The chicken breast is further processed into 5,200 pounds of steak for a processing cost of $2,100. The market price of drumsticks per pound is $1.30 and the market price per pound of chicken steak is $4.10. If Franklin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.30. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. b-2. Calculate the gross profit for each product. c-1. Should Franklin further process chicken breasts into chicken steak? (Use the assumption made in requirement b1 ). c-2. How would the profit be affected by your answer in c-? Complete this question by entering your answers in the tabs below. How would the profit be affected by your answer in c1 ? Franklin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $8,050, the company produces two parts: 3,250 pounds of drumsticks and 6,000 pounds of breast for a processing cost of $6,370. The chicken breast is further processed into 5,200 pounds of steak for a processing cost of $2,100. The market price of drumsticks per pound is $1.30 and the market price per pound of chicken steak is $4.10. If Franklin decided to selicken breast instead of chicken steak, the price per pound would be $2.30. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. b-2. Calculate the gross profit for each product. c-1. Should Franklin further process chicken breasts into chicken steak? (Use the assumption made in requirement b- ). c-2. How would the profit be affected by your answer in cP ? Complete this question by entering your answers in the tabs below. Calculate the gross profit for each product. Note: Round intermediate calculations and final answers to 2 decimal places