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 S200 nto 550 lbs of soy meal and 120 gallons of soy oil Apound of soy meal can be sold at splitoff for s1.04 and can be sold in bulk $4.75 per gallon NSP can process the 550 pounds of soy meal into 650 pounds of s cookies at an additional cost ofs340 Each pound of soy cookies can be sold for s2.04 per pound. The 120 gallons of soy oil can be packaged at a cost of $230 and made into 480 quarts of Soyola Each quart of a can be sold for $1.45 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? 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 splitof method. (Round the weights to three decimal places and oint costs to the nearest dollar) Cookies/ oyolal Soy Meal Soy oil Total Sales value of total production at splitoff Weighting Joint costs allocated b. Now allocate the joint cost to the cookies and the Soyola using the NRV method (Round the w es and joint costs he nearest dollar) Cookies Soyola Total Final sales value of total production Deduct separable costs Net realizable value Weighting Joint costs allocated Requirement 2. Should NSP have processed each of the products further? What effect does the allocation method have on this decision? Begin by calculating the profit or loss that would occur if NSP processed the products further (Use parentheses or a minus sign for losses.) he follow Cookies/ Soyolal Enter any number in the edit fields and then continue to the next question If yo to