Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.60 per pound and the flakes for $14.40 per pound. On average, 100 pounds of lobster are processed into 62 pounds of tails and 28 pounds of flakes, with 10 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 $6,100. No materials or labor costs are assigned to the waste. If 2,039 pounds of tails and 902 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.

Yield per 3,500 Market Value lb. purchase per 3,500 lb Allocated cost Cost to be 3,500 pound allocated Cost per pound Percent of Market Value purchase purchase Numerator Denominator l % of Mkt Value Lobster Tails Lobster Flakes Totals 1) What is the allocated cost of the sold items? Cost per pound Cost of Goods Sold Pounds 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