Innova Soy Products (NSP) buys soybeans and processes them into other soy products. Each ton of soybeans that NSP purchases for $280 can be converted for an additional S190 into 600 lbs of soy meal and 100 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1 and soy oil can be sold in bulk for $4 per gallon. NSP can process the 600 pounds of soy meal into 750 pounds of soy cookies at an additional cost of $300. Each pound of soy cookies can be sold for $2 per pound. The 100 gallons of soy oil can be packaged at a cost of $240 and made 1 into 400 quarts of Soyola. Each quart of Soyola can be sold for $1.25. 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 Total Soy Meal Soy Oil $ 600 S 400 S Sales value of total production at splitoff Weighting Joint costs allocated 1,000 1.000 0.600 282 S 0.400 188 S S 470 three decimal places and joint costs to the nearest dollar.) b. Now allocate the joint cost to the cookies and the Soyola using the NRV method. (Round the weights Cookies Soyola Total Final sales value of total production Deduct separable costs Net realizable value Weighting Joint costs allocated 1 Requirements 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 NSP have processed each of the products further? What effect does the allocation method have on this decision? Print Done