Problem 13-20 (Algo) Sell or Process Further Decision [LO13-7] (Prepared from a situotion suggested by Professor John W. Hardy) Lone Star Meat Packers is a major processor of beef and other meat products. The company hos a large omount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks os they are initially cut or to process them further into filet mignon and the New York cut. If the T-bone steaks ore sold as initially cut, the company figures that a 1-pound T-bone steak would yleid the following profit: 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 woy will yleld one 6-ounce fliet mignon anc one 8-ounce New York cut, the remaining ounces are woste. It costs $012 to further process one T-bone steak into the filet mignon and New York cuts. The flet mignon con be sold for $4.00 per pound, and the New York cut can be sold for $3.50 per pound. Required: 1. What is the financial advantage (d sadvantage) of further processing one T-bone steok 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. 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.) Complete this question by entering your answers in the tabs below. Would you recommend that the T-bone steaks be sold as initially cut or processed further