Prince Edward Island Soy Products (PESP) buys soy beans and processes them into other soy products. Each tonne of soy beans that PESP purchases for $280 car be converted for an additional $200 into 575lbs of soy meal and 140 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.28, and soy oil can beld bulk for $4.25 per gallon. PESP can process the 575lbs of soy meal into 675lbs of soy cookies at an additional cost of $300. Each pound of soy cookies can be sold for $2.28 per pound. The 140 gallons of soy oil can be packaged at a cost of $270 and made into 560 quarts of Soyola. Each quart of Soyola can be sold for $1.15. Required 1. Allocate the joint cost to the cookies and the Soyola using: a. Sales value at splitoff method b. NRV method 2. Should the company have processed each of the prodcts further? What effect does the allocation method have on this decision? Requirement 1a. Allocate the joint cost to the cookies and the Soyola using the sales value at splitoff method. (Round the weightings to three decimal places and joint costs to the nearest dollar.)