Exercise $24-23$A $($Algo$)$ Assigning joint product costs LO C$2$

A dairy company processed raw milk for $$70,000.$ This raw milk can be converted into the following types of milk with listed sales

values.

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.