Harper 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 12,000 pounds of raw chicken that costs $7,000, the company produces two parts: 2,800 pounds of drumsticks and 4,200 pounds of breast for a processing cost of $2,450. The chicken breast is further processed into 3,200 pounds of steak for a processing cost of $2,000. The market price of drumsticks per pound is $1.25 and the market price per pound of chicken steak is $4.20. If Harper decided to sell chicken breast instead of chicken steak, the price per pound would be $2.20.

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.

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Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Required B1 Required B2 Required C1 Required C2 Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. (Round intermediate calculations and final answers to 2 decimal places.) Total cost of drumsticks Total cost of chicken breasts Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required A3 Required 11 Required B2 Required c1 Required C2 Calculate the gross profit for each product. (Round intermediate calculations and final answers to 2 decimal places.) Chicken Chicken Drumsticks Breast S 3,500.00 5 9,240.00 Revenue Cost of goods sold Gross profit S 3,500.00 $ 9,240.00