Homework Your company makes chocolate products. You produce 2 products: chocolate powder and chocolate milk. In a joint process, you create the liquor base for each of your two products. These intermediate products are separately identifiable after the splitoff point. For every 1,000 pounds of cocoa beans, the process yields 25 gallons of chocolate-powder base and 25 gallons of milk-chocolate base. For every gallon of chocolate-powder base, 13 pounds of chocolate powder are produced. For every gallon of chocolate-milk base, 21.4 pounds of milk chocolate is produced following data is for the current accounting cycle that included processing 28,000 pounds of cocoa beans at a cost of $62,000 for the joint process. The Sales Sales Price Separable Production (pounds) 9,100 14,980 (pounds) (per pound)Processing Cost $9 $50,100 Chocolate Powder Chocolate Milk 6,500 13,500 $10 $60,115 1. Calculate the joint-cost allocation to each product under each of the following methods. a. Sales Value at Split-Off Method b. NRV Method. c. Constant Gross Margin Method Physical Measures method. d. 2. If the chocolate-powder base will sell for $20 gallon on the open market and the milk- chocolate base will sell for $60 per gallon on the open market, by how much would income change if a. Only the chocolate-powder base was sold at splitoff? b. Only the milk-chocolate base was sold at splitoff