(Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers Is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand and is deciding whether to sell the T-bone steaks as they are Initially cut or process them further into filet mignon and the New York cut. If the T-bone steaks are sold as Initially cut, the company figures a 1-pound T-bone steak yields the following profit: Selling price ($8.80 per pound) $ 8.80 Less joint costs incurred up to the split-off point where T-bone steak can be identified as a separate product 1.50 Profit per pound $ 7.30 If the company further processes the T-bone steaks, then one 16-ounce T-bone steak will yield one 6-ounce filet mignon, one 8-ounce New York cut, and two ounces of waste. It costs $0.19 to further process one T-bone steak Into the filet mignon and New York cuts. The filet mignon can be sold for $14.00 per pound, and the New York cut can be sold for $9.65 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 the T-bone steaks be sold as Initially cut or processed further? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the financial advantage (disadvantage) of further processing one T-bone steak into filet mignon and New York cut steaks? Note: Do not round intermediate calculations. Round your answers to 2 decimal places. per unit Required 1 Required 2 >