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 $180 into 650 lbs of soy meal and 100 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.36 and soy oil can be sold in bulk for $4.5 per gallon. ISP can process the 650 pounds of soy meal into 750 pounds of soy cookies at an additional cost of $330. Each pound of soy cookies can be sold for $2.36 per pound. The 100 gallons of soy oil can be packaged at a cost of $230 and made into 400 quarts of Soyola. Each quart of Soyola can be sold for $1.25. Read the requirements. 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.) Sales value of total production at splitoff Weighting Joint costs allocated Help me solve this Etext pages Cookies/ Soy Meal Soyolal Soy Oil Get more help. Total 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? Print Done - X Clear all Check