Innervai Soy Products (TSP) buys soybeans and processes them into other soy products. Each ton of soybeans that TSP purchases for $340 can be converted for an additional $210 into 550 lbs of soy meal and 160 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.04 and soy oil can be sold in bulk for $4.75 per gallon. TSP can process the 550 pounds of soy meal into 600 pounds of soy cookies at an additional cost of $380. Each pound of soy cookies can be sold for $2.04 per pound. The 160 gallons of soy oil can be packaged at a cost of $260 and made into 640 quarts of Soyola. Each quart of Soyola can be sold for $1.15. Read the requirements. Requirement 1. Allocate the joint cost to the cookies and the Soyola using the (a) Sales value at splitoff method and (b) NRV method. a. First, allocate the joint cost using the Sales value at splitoff method. (Round the weights to three decimal places and joint costs to the nearest dollar.) Cookies/ Soyolal Soy Oil Soy Meal Total Requirements Sales value of total production at splitoff Weighting Joint costs allocated 1. Allocate the joint cost to the cookies and the Soyola using the following: a. Sales value at splitoff method b. NRV method 2. Should TSP have processed each of the products further? What effect does the allocation method have on this decision