Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.50 per pound and the flakes for $16.00 per pound. On average, 100 pounds of lobster are processed into 52 pounds of tails and 25 pounds of flakes, with 23 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 $7,200. No materials or labor costs are assigned to the waste. If 1,637 pounds of tails and 775 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.) d per 3,400 lb. purchase per 3,400 lb Market Value purchase Cost to be Allocated cost allocated 3,400 Cost per pound Percent of Market Value purchase Numerator Denominator l % of Mkt Value Lobster Tails Lobster Flakes Totals 1) What is the allocated cost of the sold items? Cost of Cost per pound Pounds sold Goods Sold Lobster Tails Lobster Flakes Totals 2) What is the allocated cost of the ending inventory? Cost per pound Pounds in ending inventory Cost of Ending Inventory Lobster Tails Lobster Flakes Totals