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 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 280 knife blades for red oak handle knives and 240 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 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 oak handle 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 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 dollar Joint Product Allocation Red oak handle carving knife Walnut handle carving knife $ Totals 7,000 Feedback Check My Work The weighted average method allocates joint costs based on weight factors for each product. The weight factors are multiplied by physical units to arrive at weighted physical units These weighted physical units are then used to allocate joint posts