(Prepared from a stuation sughested by Professor John W. Hardy) Lone Star Meat Packers is a mojor processor of beet and other meat products. The compary has a large amount of T. bone steak on hand and it is tring to decide whether to sell the Thone steaks as they are inillatly cut or to process them further into filet mignon and the New Yoik cut. If the T thone steaks are sold as initially cut, the company figures that a f. pound I bone steak wouid yield the followng profit: If the company were to further process the I bone steaks, then cuiting one side of a T bone steak provides the filet mignoe and cutting the other side provides the New York cut. One to ounce. T-bone steak cut in this way wir yiekd one 6 -ounce filet mignon and one 8 ounce Now York cut, the remairing ounces are waste. It costs $0.16 to further process one I bone steak into the filet milgnon and New York cuts. The filet mignon can be soid for $4.00 per pound, and the New Youk cut can be sold for $370 per pound. Required: 1. What is the financlal atvantage (dizadvantage) of further procatssing one T-bone steak into filet mignon and New York cut steaks? 2. Would you recommend that the T-bone steaks be sold as in inially cut of processed further? Complete this question by enitering your answers in the tabs below. What bs the financial edvantoge (disadvaritege) of futher processing one T-boce steak anto filet mignon and New Yerk cut steaks? (Do not toand infermedlste calculations. found your onswers to 2 decimal places.)