Smith Company makes three products, Red, Orange, and Yellow, which come from a joint process. The joint costs for each batch of the products are: $$80,500$ for direct materials, $$48,200$ for direct labor, and $$36,300$ for indirect costs. Each batch produces $14,500$ pounds of product Red with a market value of $$8$ per pound; $6,800$ pounds of Orange with a market value of $$14$ per pound; and $11,700$ pounds of Yellow with a market value of $$12$ per pound.

Required:

Determine the total amount of joint cost allocated to each of the three products Red, Orange, and Yellow, assuming the joint costs are allocated based on the weight of the products.

Determine the total amount of joint cost allocated to each of the three products Red, Orange, and Yellow, assuming the joint costs are allocated based on the market value of the products.

Your solution should have $6$ clearly stated amounts. You must also show all work to earn credit.