Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $19.80 per pound and the flakes for $15.90 per pound. On average, 100 pounds of lobster are processed into 52 pounds of tails and 27 pounds of flakes, with 21 pounds of waste. Assume that the company purchased 4,000 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $4,200. No materials or labor costs are assigned to the waste. If 1,946 pounds of tails and 1,000 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 4,000 lb. purchase	Market Value per 4,000 lb. purchase	Percent of Market Value			Cost to be allocated	Allocated cost 4,000 pound purchase	Cost per pound
			Numerator	Denominator	% of Mkt Value
Lobster Tails					0
Lobster Flakes					0
Totals					0
1) What is the allocated cost of the sold items?
	Cost per pound	Pounds sold	Cost of Goods Sold
Lobster Tails	$0.00
Lobster Flakes	$0.00
Totals			$0
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