Your company produces two liquid products - X and Y - from one process. The joint costs of materials, labor, and overhead total $400,000, producing 60,000 gallons of X and 40,000 gallons of Y. Product X sells for $20 per gallon; Product Y sells for $50 per gallon. Using the relative sales method, allocate the $400,000 in joint costs to each product. (Note: you only need to complete steps 1-5 for Assignment ; steps 6-8 will not be needed)