Data pertaining to a company's joint manufacturing process for the current period follows: Product Product Quantities produced 300 lbs. 200 lbs. Processing cost after products are separated Market value at point of separation $1,900 $1,100 $7/lb. $12/lb. This period's joint costs equal $1,500. Required: 1. Compute the amount of joint costs that will be assigned to each product if joint costs are allocated on the basis of pounds produced. 2. Compute the amount of joint costs that will be assigned to each product if joint costs are allocated on the basis of market value at the point of separation. YOU MUST SHOW YOUR WORK TO EARN CREDIT,