tretch Problems (Prepared from a situation suggested by Professor John W. Hardy) Granite City Meat Processing Corporation is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand, and it is trying to decide whether to sell the T-bone steaks as is or to process them further into filet mignon and New York cut steaks. Management believes that a 1-pound T-bone steak would yield the following profit: $ 4.20 Wholesale selling price ($4.20 per pound) Less Joint costs incurred up to the split-off point where T-bone steak can be identified as a separate product 3.55 Profit per pound $ 0.65 As mentioned above, Instead of being sold as is, the T-bone steaks could be further processed into filet mignon and New York cut steaks. Cutting one side of a T-bone steak provides the filet mignon, and cutting the other side provides the New York cut. One 16- ounce T-bone steak cut in this way will yield one 4-ounce filet mignon and one 10-ounce New York cut the remaining ounces are waste. The cost of processing the T-bone steaks Into these cuts is $0.26 per pound. The filet mignon can be sold for $6.60 per pound, and the New York cut can be sold wholesale for $5.20 per pound. Required: 1. Determine the profit per pound from processing the T-bone steaks further into filet mignon and New York cut steaks. (Do not round Intermediate calculations. Round your Nnal answer to 2 decimal places.) Profit par pound from further processing 2. Would you recommend that the T-bone steaks be sold as is or processed further? T-bone steaks should be sold T-bone steaks should be processed further