Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.00 per pound and the flakes for $15 80 per pound. On average 100 pounds of lobster are processed into 62 pounds of tails and 27 pounds of flakes, with 11 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 $7100. No materials or labor costs are assigned to the waste. 2.093 pounds of tails and 890 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.) 50 Yield per 3,600 lb. purchase Market Value per 3.600 lb purchase Cost per Cost to be allocated Percent of Market Value Allocated cost 3,600 pound purchase pound hes Numerator Denominator of Mt Value Lobster Tails Lobster Flakes Totals 1) What is the allocated cost of the sold item? Cost per Pounds sold Cost of pound Goods Sold Lobster Tails Lobster Flakes Totals 2) What is the allocated cost of the ending Inventory? Pounds in Cost of pound ending Ending inventory Inventory Lobster Tails Lobster Flakes Totale Cost per