Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.30 per pound and the flakes for $15.10 per pound. On average, 100 pounds of lobster are processed into 62 pounds of talls and 26 pounds of flakes, with 12 pounds of waste. Assume that the company purchased 3,600 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $7,400. No materials or labor costs are assigned to the waste. If 2,102 pounds of tails and 860 pounds of flakes are sold, calculate the allocated cost of the sold items and the allocated cost of the ending Inventory. The company allocates Joint costs on a value basis. (Round your answers to nearest whole number. Round cost per pound answers to 2 decimal places.) Yield per Market Value 3,600 lb. per 3,600 lb. purchase purchase Percent of Market Value Cost to be allocated Allocated cost 3,600 pound purchase Cost per pound Denominator % of Mkt Value Numerator Lobster Tails Lobster Flakes Totals 1) What is the allocated cost of the sold items? Cost per Cost of Pounds sold pound Goods Sold Lobster Tails Lobster Flakes Totals 2) What is the allocated cost of the ending inventory? st per Pounds in Cost of pound ending Ending inventory Inventory Lobster Tails Lobster Flakes Totals