Joint cost aliocation - weighted average method Gary's Grooves Co. produces two types of carving knives, one with a handle made of a polymer that looks like wainut wood and another with a handle made with a polymer that looks like red oak. The knives are made through a joint production molding process that produces 270 knife blades for red oak handle knlves and 360 knife blades for walnut handle knives at the split-off point. The polymer for the red oak handle knife blades requires twice as much cooling time as the polymer for the wainut handle knife blades, although all knives are removed from the joint molding process at the same time (i.6., once the cooling for the red oak handle knives is complete). The joint production process costs a total of $6,500. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of knife using the weighted average method. Round your answers to the nearest dolfar. Gary's Grooves Co. produces twa types of carving knlvel, one with a handle made of a polymer that looks ike walnut wood and another with a hande made with a polymet knives are removed from the joirt molding process at the same time (le., once the cooling for the red oak handle knives is complete). Tha compary alocates joint cosis using. the we ighted werage methed based on the required cooling time of the two joint products. The folowing data is provided Using formuins and cel rederecices, perfom the requied analysis, and input your antwers inte the B, C, mad D columns. Use the blue entry celis (B13-G14, B15) lor intecmedisie cilculafont. Transef the numerie results for the green enty cols (D13.015) into the appropriate felds in CNowne tor grading