Prepared from a situation suggested by Professor John W. Hardy) Lone Star Meat Packers is a major processor of beef and other neat products. The company has a large amount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks as they are initially cut or to process them further into filet mignon and the New York cut of the T-bone steaks are sold as initially cut, the company figures that a 1 pound T-bone steak would yield the following profit $ 2.10 Selling price ($2.10 per pound) Less joint costs incurred up to the split-off point where T-bone steak con be identified as a separate product Profit per pound 1.35 $ 0.75 If the company were to further process the T-bone steaks, then cutting one side of a T-bone steak provides the filet mignon and cutting the other side provides the New York cut One, 16-ounce T-bone steak cut in this way will yield one 6 ounce filet mignon and one 8-ounce New York cut, the remaining ounces are waste. It costs $012 to further process one T-bone steak into the filet mignon and New York cuts. The filet mignon can be sold for $3.60 per pound, and the New York cut can be sold for $360 per pound. Required: 1. What is the financial advantage (disadvantage of further processing one T-bone steak into filet mignon and New York cut steaks? 2. Would you recommend that the T-bone steaks be sold as initially cut or processed further? Complete this question by entering your answers in the tabs below. Required: Required 2 What is the financial advantage (disadvantage) or further processing one T-bone steak into filet mignon and New York cut steaks? (Do not round intermediate calculations. Round your answer to 2 decimal places.) per un Required 2 >