(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 Tvbone steak on hand, and it is trying to decide whether to sell the Tbone steaks as they are initially cut or to process them further into let mignon and the New York cut. If the Tbone steaks are sold as initially cut, the company figures that a 1-pound T-bone steak would yield the following prot: Selling price ($2.10 per pound) $ 2.10 Less joint costs incurred up to the Split-off point where T- bone steak can be identified as a separate product 1.40 Profit per pound $ 0.70 If the company were to further process the Tbone steaks, then cutting one side of a T-bone steak provides the let mignon and cutting the other side provides the New York cut. One 16-ounce Tvbone 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 $0.19 to further process one T-bone steak into the filet mignon and New York cuts. The let mignon can be sold for $4.00 per pound, and the New York cut can be sold for $3.80 per pound. Required: 1. What is the nancial 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 1 Required 2 What is the nancial advantage (disadvantage) of further processing one T-bone steak into let mignon and New York cut steaks? (Do not round intermediate calculations. Round your answer to 2 decimal places.) I I lper unit