It is September 1, 2022. You noticed over the past few months that you throw a lot of vanilla cupcake batter away when you switch from vanilla to chocolate cupcakes. You want to profit from the leftover vanilla batter instead of throwing it away and decide to make boutique dog biscuits. All you need to do is add a bit more ingredients and bake them on sheet pans. Using the information below, calculate the amount of joint production costs to be allocated to cupcakes and dog biscuits using two methods: (1) the market value at split-off method and (2) the physical units method. Percentages should be shown to the 2nd decimal point. Answer the discussion question after completing the calculations Direct Materials Direct Labor Overhead 1 Costs per batch $ $ $ Total Costs S T Market Value at Split-off Method Batter per dozen units at Split-off 30 5 35 Joint Product Vanilla Cupcakes Dog Biscuits Totals Physical Unit Method Joint Product 155.90 91.88 33.69 281.46 Vanilla Cupcakes Dog Biscuits Totals Dozen units per Batch 30 5 35 Selling price per dozen at Split-off $ 7.00 2.50 9.50 Proportion Total Market Value Percent of Market at Split-off Value at Split-off Joint Costs Allocation Joint Costs Allocation Discussion: The choice of joint cost allocation method impacts the income statement and balance sheet. Describe the impacts on (1) cost of goods sold, (2) inventory, and (3) taxes for the two methods above. You can include your answer in the box below or type it into the textbox when you submit your project. The discussion counts for 6 of the 10 points.