Top Notch Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Top Notch Chicken is computing the ending inventory values for its July 31,2020 , balance sheet. Ending inventory amounts on July 31 are 15 pounds of breasts, 4 pounds of wings, 7 pounds of thighs, 8 pounds of bones, and 3 pounds of feathers. Top Notch Chicken's management wants to use the sales value at splitoff method. However, management wants you to explore the effect on ending inventory values of classifying one or more products as a byproduct rather than a joint product. (Click to view information on the sales value at splitoff method.) Read the requirements. Reference Requirements 1. Assume Top Notch Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31,2020? 2. Assume Top Notch Chicken uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31,2020, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? 3. Comment on differences in the results in requirements 1 and 2. Requirement 2. Assume Top Notch Chicken uses the production mothod of acoounting for byproducts. What are the ending inventory values for each joint product on July 31, 2020, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? Begin by selecting the formula to calculate the joint costs to be allocated. Then enter the amounts and determine the amount. (NRV = Net Realzable Value.) Now use the table bolow to calculate the allocated costs per pound for the brensts and thighs. (Round the weights to three decimal places, the joint costs to the nearest cent and the allocated costs per pound to four decimal places.) Now use the table below to calculate the allocated costs per pound for the breasts and thights. (Round the weights to three decimal places, the joint costs to the nearest cent and the allocated costs per pound to four decimal places.)