II. Problems 1. ABC Lumber produced 40.000 lbs of pinewood and 80.000 Ibs of cedar. Joint costs incurred i producing the two products totaled $30,000. At the split-off point, the pinewood has a market value of $12.00 per pound and cedar $24.00 per pound. What portion of the joint costs should be allocated to pinewood and cedar using the sales value at point of separation? (10 points)