lowa Soy Products (ISP) buys soybeans and processes them into other soy products. Each ton of soybeans that ISP purchases for $280 can be converted for an additional $220 into 675lbs of soy meal and 120 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.44 and soy oil can be sold in bulk for $4.75 per gallon. ISP can process the 675 pounds of soy meal into 725 pounds of soy cookies at an additional cost of $370. Each pound of soy cookies can be sold for $2.44 per pound. The 120 gallons of soy oil can be packaged at a cost of $210 and made into 480 quarts of Soyola. Each quart of Soyola can be sold for $1.35 Read the requirements. Requirements 1. Allocate the joint cost to the cookies and the Soyola using the following: a. Sales value at splitoff method b. NRV method 2. Should ISP have processed each of the products further? What effect does the allocation method have on this decision? a. First, allocate the joint cost using the Sales value at splitoff method. (Round the weights to three decimal places and joint costs to the nearest dollar.)