Use the sales value basis to $(1)$ allocate the total cost of the raw milk to each type of milk and $(2)$ determine the gross profit for each

type of milk.A dairy company processed raw milk for $$67,500.$ This raw milk can be converted into the following types of milk with listed sales values.

Joint Products Sales Value

Whole milk $ $32,500$

$2\%$ milk $52,000$

Skim milk $45,500$

Total $ $130,000$

Use the sales value basis to $(1)$ allocate the total cost of the raw milk to each type of milk and $(2)$ determine the gross profit for each type of milk.