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 $14.30 per pound. On average, 100 pounds of lobster are processed into 54 pounds of tails and 28 pounds of flakes, with 18 pounds of waste. Assume that the company purchased 3,400 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $7,000. No materials or labor costs are assigned to the waste. If 1,705 pounds of tails and 872 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 Cost per Market Value per 3,400 lb. purchase 3,400 lb. purchase Percent of Market Value Cost to be allocated Allocated cost 3,400 pound purchase pound Numerator Denominator % of Mkt Value Lobster Tails 0 0 Lobster Flakes Totals 1) What is the allocated cost of the sold items? 0 Pounds sold Cost of Goods Sold Cost per pound $ 0.00 $ 0.00 Lobster Tails Lobster Flakes 0 Totals $ 2) What is the allocated cost of the ending inventory? Cost per pound Pounds in ending inventory Cost of Ending Inventory Lobster Tails $ 0.00 Lobster Flakes $ 0.00 Totals $ 0