Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $19.20 per pound and the flakes for $15.60 per pound. On average, 100 pounds of lobster are processed into 60 pounds of tails and 27 pounds of flakes, with 13 pounds of waste. Assume that the company purchased 3,500 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $7,500. No materials or labor costs are assigned to the waste. If 1,957 pounds of tails and 874 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.) Cost per Yield per 3,500 lb. purchase Market Value per 3,500 lb. purchase Percent of Market Value Cost to be allocated Allocated cost 3,500 pound purchase pound Denominator % of Mkt Value $ 15,744 55,062 55,062 73.23 $ 21,500 $ 26.77 $ 21,500 $ 100 $ 5,756 21,500 Numerator Lobster Tails 2,100 $ 40,320 $ 40,320 Lobster Flakes 945 14.742 14,742 Totals $ 55,062 1) What is the allocated cost of the sold items? Cost of Pounds sold pound Goods Sold Lobster Tails $ 0.00 Cost per Lobster Flakes $ 0.00 874 Totals $ 0 2) What is the allocated cost of the ending inventory? Pounds in Cost of Cost per pound ending Ending inventory Inventory Lobster Tails $ 0.00 Lobster Flakes $ 0.00 Totals $ 0