Joint Cost Allocation Assignment Vanguard Company makes three products, M, N, and P, which come from a joint process. The joint costs for each batch of the products are: $80,000 for direct materials, $40,000 for direct labor, and $30,000 for Indirect costs (overhead). Each batch produces 10,000 pounds of product M with a market value of $6 per pound; 5,000 pounds of N with a market value of $12 per pound; and 9,000 pounds of P with a market value of $10 per pound. Required: 1) Determine the total amount of joint cost allocated to each of the products, assuming that the allocation is based on the weight of products produced. 2) Determine the total amount of joint cost allocated to each of the products, assuming that the allocation is based on the market value of the products