Three Company produces two products (Product 1 and Product 2) from a common input. Joint costs for January total $400,000. Information related to the two products is as follows: Pounds Produced Weight Factor Product 1 2,000 2.0

Product 2 1,500 4.0 Note: Round all calculations to two decimal points. Round all dollar amounts to the nearest dollar. Determine the joint costs assigned to Product 1 using the weighted average method to allocate the joint costs.