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 $16.10 per pound. On average, 100 pounds of lobster are processed into 61 pounds of tails and 28 pounds of flakes, with 11 pounds of waste. Assume that the company purchased 3,700 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $6,900. No materials or labor costs are assigned to the waste. If 2,111 pounds of tails and 961 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 3,700 lb. purchase Market Value per 3,700 lb. purchase Cost per Percent of Market Value Cost to be allocated Allocated cost 3,700 pound purchase pound Denominator % of Mkt Value 0 0 Numerator Lobster Tails 2,257 Lobster Flakes 1,036 Totals 1) What is the allocated cost of the sold items? Cost per Pounds sold Cost of pound Goods Sold Lobster Tails $ 0.00 Lobster Flakes $ 0.00 Totals $ 0 2) What is the allocated cost of the ending inventory? Cost per Pounds in Cost of ending Ending pound inventory Inventory Lobster Tails $ 0.00 Lobster Flakes $ 0.00 Totals $ 0