lowa Soy Products (ISP) buys soy beans and processes them into other soy prod Each ton of soy beans can be converted into 500 pounds of soy meal and 100 gallons of soy oil. This process incurs joint costs of $ 970. At splitoff point; soy meal can be sold for $4 per pound, and soy oil can be sold for $5 per gallon. ISP can process the 500 pounds of soy meal into 600 pounds of soy cookies at an additional cost of $1500. Each pound of soy cookies can be sold for $6 per pound. The 100 gallons of soy oil can be packaged at an additional cost of $300 and made into 400 liters of Soyola. Each liter of Soyola can be sold for $3. (For each item below write your answers inside the boxes.) a) What is the total sales value (from both products) at splitoff point? Ans. = $ b) Using sales value at splitoff method, what amount of the joint costs ($ 970) would be allocated to soy meal? Ans. = $ C) Using net realizable value method, what amount of the joint costs ($ 970) would be allocated to Soyola? Ans. = $