Joint cost allocation - weighted average method Gary's Grooves Co. produces two types of carving knives, one with a handle made of a polymer that looks like wolnut 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 280 knife blades for red oak handle knives and 240 kn 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 walnut handle knife blades, although all knives are removed from the joint molding process at the same time (le, once the cooling for the red cak handte knives is complete The Joint production process costs a total of $ 7,000 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! X Do 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 dollar Joint Product Allocation Red oak handie carving knife Walnut handle carving knife Totals $ Home Insert Draw Page Layout Formas Data View Hele Aral BO Eve Number 613 Joint cost location-weighted average method 0 Garys Grooves Co produces two types of carving knives, one with a hand made of a polymer that looks like walnut 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 Knife blades for red oak handie knives and knite blades for walnut handle knives at the spil-off point. The polymer for the red oak handle knife blades requires twice as much cooling time as the polymer for the walnut handle knife blades, og at knives are removed from the joint molding process at the same timeonce the cooling for the red oak handiekrives is comple). The company locates joint costs using the weighted average method based on the required cooling time of the two joint products. The following data is provided DATA 6 Joint product Krite Blades at Spin-on Weight Factor Joint Conte 7 Red oak handie Garving 280 37.000 Walnut hade arving 7.000 Using formulas and coll reference perform the required analysis, and input your answers into the B, C and D columns. Use the blue antycels (013-14, 815) for 10 intermediate calculations Transfer the numeric results for the green entry colls (D13 D15) into the appropriate fields in CNOW2 for grading 11 Weighted Blades or Weighted Percent 12 Joint product Molding Time of Molding Time Alican Formas 13 ed and carving 14 Wie hande arv 15 Total 9 16 17