Question 1 Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 20X5, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer is as follows: Product Catsup Juice Canned Cases 100.000 150,000 200,000 Sales Value at Splitoff Point Separable Costs Selling Price $6 per case $3.00 per case $28 per case 8 per case 5.00 per case 25 per case 5 per ca 2.50 per case case 10 per case Required: a. Determine the amount of joint costs allocated to each product if the estimated net realizable value method is used and compute the total cost per case for each product. (12 marks) b. Calculate the net profit/loss for each product (8 marks)