Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.70 per pound and the flakes for $15.40 per pound. On average, 100 pounds of lobster are processed into 61 pounds of tails and 26 pounds of flak with 13 pounds of waste. Assume that the company purchased 3,800 pounds of lobster for $4 per pound and processed the lobster with an additional labor cost of $6,300. No materials or labor costs are assigned to the waste. If 2,175 pounds of tails and 905 pound of flakes are sold, calculate the allocated cost of the sold items and the allocated cost of the ending inventory. The company allocate joint costs on a value basis. (Round your answers to nearest whole number. Round cost per pound answers to 2 decimal places.) Yield per 3,800 lb. purchase Market Value Cost to be Allocated cost 3,800 pound purchase Cost per Percent of Market Value per 3,800 lb. purchase allocated pound Numerator Denominator % of Mkt Value Lobster Tails Lobster Flakes Totals 61 $ 2,318 26 988 3,306 1) What is the allocated cost of the sold items? Cost per pound Cost of Pounds sold Goods Sold Lobster Tails Lobster Flakes Totals 2) What is the allocated cost of the ending inventory? Pounds in Cost of Cost per pound ending inventory Ending Inventory Lobster Tails Lobster Flakes Totals