(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 it is trying to decide whether to sell the T-bone stess as they are initially cut or to process them further into filet mignon and the New York cut. If the T-bone steaks are sold as initially cut, the company figures that a 1 pound T-bone steak would yield the following profit 5.2.40 Selling price ($2.40 per pound) Les joint costs incurred up to the split-ott point where T-bone ateak can be identified as a separate product Profit per pound 1.65 $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 Bounce New York cut the remaining ounces are waste. It costs $0.20 to further process one T-bone steak into the flet mignon and New York cuts. The filet mignon can be sold for $4.00 per pound, and the New York cut can be sold for $3,30 per pound Required: 1. What is the financial advantage (disadvantage) of further processing one T-bone steak into filet mignon and New York cut stenks? 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 financial advantage (disadvantage of further processing one T-bone steak into filet mignon and New York cut steaks? (Do not round intermediate calculations, Round your answers to 2 decimal places) por unit