Problem 1 Vanguard Company makes three products, M, N, and P, which come from a joint process. The joint costs for each batch of products are: $80,000 for direct materials, $40,000 for direct labor, and $30,000 for indirect costs (overhead). Each batch produces 10,000 pound of product M with a market value of $6 per pound; 5,000 pounds of N with a market value of $12 per pound; and 9,000 pounds of P with a market value of $10 per pound: Required: a. Determine the total amount of joint cost allocated to each of the products, assuming that the allocation is based on the weight of products produced. (Do not round your intermediate calculations. Round each of your final answers to the nearest whole dollar) b. Determine the total amount of joint cost allocated to each of the products, assuming that the allocation is based on the market value of the products. (Do not round your