Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $19.40 per pound and the flakes for $15.40 per pound. On average, 100 pounds of lobster are processed into 53 pounds of tails and 26 pounds of flakes, with 21 pounds of waste. Assume that the company purchased 3,900 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $5,200. No materials or labor costs are assigned to the waste. If 1,919 pounds of tails and 927 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 3,900 lb. purchase Market Value per 3,900 lb. purchase Percent of Market Value Cost to be allocated Allocated cost 3,900 pound purchase Cost per pound Numerator Denominator % of Mkt Value 01 Lobster Tails Lobster Flakes 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? Pounds in Cost of Cost per ending Ending pound inventory Inventory Lobster Tails $ 0.00 Lobster Flakes $ 0.00 Totals Required information [The following information applies to the questions displayed below.] A food manufacturer reports the following for two of its divisions for a recent year. ($ millions) Invested assets, beginning Invested assets, ending Sales Operating income Beverage Division $2,695 2,609 2,697 365 Cheese Division $4,488 4,416 3,941 650 Assume that each of the company's divisions has a required rate of return of 8%. Compute residual income for each division. (Enter your answers in millions.) (5 millions) Beverage Cheese Targeted return Target income Residual Income Beverage Cheese Residual income