Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $21 per pound and the flakes for $14 per pound. On average, 100 pounds of lobster are processed into 52 pounds of tails and 22 pounds of flakes, with 26 pounds of waste, Assume that the company purchased 2,400 pounds of lobster for $4.50 per pound and processed the lobsters with an additional labor cost of $1,800. No materials or labor costs are assigned to the waste. If 1,096 pounds of talls and 324 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 cost per pound answers to 3 decimal places.) Yield per 2,400 lb Purchase Cost per Market Value per 2,400 lb. Purchase Percent of Market Value Allocated Cost 2,400 Pound Purchase Cost to be Allocated Pound Numerator Denominator Lobster This Lobster Flakes % of Mt Value 0 0 0 Cost of Goods Sold 1) What is the allocated cost of the sold item? Cost per Pound Pounds sold Lobster Tas $ 0.000 Lobster Flakes $ 0.000 Totals $ 0 21 What is the allocated cost of the ending inventory? Cost per Pound Pounds in Ending Inventory Lobster Tails $ 0.000 Lobster Flakes $ 0.000 Totals Cost of Ending Inventory $ 0