Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.60 per pound and the flakes for $14.50 per pound. On average, 100 pounds of lobster are processed into 58 pounds of tails and 27 pounds of flakes, with 15 pounds of waste. Assume that the company purchased 3,200 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $7,700. No materials or labor costs are assigned to the waste. If 1,720 pounds of tails and 791 pounds of flakes are sold, calculate the allocated cost of the sold items and the allocated cost of the ending inventory. The company allocates joint costs on a value basis. (Round your answers to nearest whole number. Round cost per pound answers to 2 decimal places.) Yield per 3,200 lb. purchase Market Value per 3,200 lb. purchase Allocated cost 3,200 pound Cost to be allocated Percent of Market Value Cost per pound purchase Numerator Denominator % of Mkt Value Lobster Tails Lobster Flakes Totals 1) What is the allocated cost of the sold items? Cost per Pounds sold Cost of pound Goods Sold Lobster Tails Lobster Flakes Totals 2) What is the allocated cost of the ending inventory? Cost per pound Pounds in ending inventory Cost of Ending Inventory Lobster Tails Lobster Flakes Totals