Assignment 3.pdf 1 D O L 2 1 aoomwm Moo Dairy Products Inc. buys one input, full-cream milk, and refines it in a churning process. From each gallon of milk, Moo produces three cups of butter and nine cups of buttermilk. During May 2020, Moo bought 12,000 gallons of milk for $22,250. Moo spent another $9,430 on the churning process to separate the milk into butter and buttermilk. Butter could be sold immediately for $2.20 per pound and buttermilk could be sold immediately for $1.20 per quart (note: two cups = one pound; four cups = one quart). Moo chooses to process the butter further into spreadable butter by mixing it with canola oil, incurring an additional cost of $1.60 per pound. This process results in two tubs of spreadable butter for each pound of butter processed. Each tub of spreadable butter sells for $2.30. Allocate the $31,680 joint cost to the spreadable butter and the buttermilk using the following: Physical-measure method (using cups) of joint cost allocation Sales value at split-off method of joint cost allocation NRV method of joint cost allocation Constant gross margin percentage NRV method of joint cost allocation