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Martin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 17,000 pounds of raw chicken that costs $9,400, the company produces two parts: 4,000 nds of drumsticks and 5,000 pounds of breast for a processing cost of $6,868. The chicken breast is rther processed into 4,200 pounds of steak for a processing cost of $3,000. The market price of drumsticks per pound is $1.65 and the market price per pound of chicken steak is $5.00. If Martin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.60 Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. (Round "Allocation rate" to 2 decimal places and other answers to the nearest dollar amount.) Product | Allocation Rate | x | Weight of Base Allocated Cost Drumsticks Chicken breast Total allocated cost a-2. Calculate the gross margin for each product Chicken Drumsticks Chicken Breast Revenue Cost of goods sold Gross margin a-3. If the drumsticks are producing a loss, should that product line be eliminated? D Yes O No b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. (Round your intermediate calculations and final answers to 2 decimal places.) Total cost of drumsticks Total cost of chicken breasts b-2. Calculate the gross margin for each product. (Round your intermediate calculations and final answers to 2 decimal places.) Chicken Drumsticks Chicken Breast Revenue Cost of goods sold Gross margin