lowa Soy Products (ISP) buys soybeans and processes them into other soy products. Each ton of soybeans that ISP purchases for $250 can be converted for an additional $170 into 650lbs of soy meal and 180 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.04 and soy oil can be sold in bulk for $4.5 per gallon. ISP can process the 650 pounds of soy meal into 700 pounds of soy cookies at an additional cost of $310. Each pound of soy cookies can be sold for $2.04 per pound. The 180 gallons of soy oil can be packaged at a cost of $250 and made into 720 quarts of Soyola. Each quart of Soyola can be sold for $1.25. 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? Requirement 1. Allocate the joint cost to the cookies and the Soyola using the (a) Sales value at splitoff method and (b) NRV method. 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.) b. Now allocate the joint cost to the cookies and the Soyola using the NRV method. (Round the weights to three decimal places and joint costs to the nearest dollar.) Requirement 2. Should ISP have processed each of the products further? What effect does the allocation method have on this decision? Begin by calculating the profit or loss that would occur if ISP processed the products further. (Use parentheses or a minus sign for losses.) ISP should the soy meal because it profit. They should the soy oil because profit will Since the total joint cost is under both allocation methods, it a relevant cost to the decision to sell at splitoff or process further