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Joint cost allocation - weighted average method Gary's Grooves Co. produces two types of carving knives, one with a handle made of a polymer that looks like walnut wood and another with a handle made with a polymer that looks like red oak. The knives are made through a joint production molding process that produces 350 knife blades for red oak handle knives and 300 knife blades for walnut handle knives at the split-off point. The polymer for the red oak handle knife blades requires twice as much cooling time as the polymer for the walnut handle knife blades, although all knives are removed from the joint molding process at the same time (i.e., once the cooling for the red oak handle knives is complete). The joint production process costs a total of $7,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of knife using the weighted average method. Round your answers to the nearest doliar. Gary's Grooves Co. produces two types of carving knives, one with a handle made of a polymer that looks like wainut wood and another with a handle made with a polymer that looks like red oak. The knives are made through a joint production molding process that produces knife blades for red oak handle knives and knife blades for walnut handi knives at the split-off point. The polymer for the red oak handie knife blades requires twice as much cooling time as the polymer for the walnut handie knife blades, although all knives are removed from the joint molding process at the same time (i.e., once the cooling for the red oak handle knives is complete). The company allocates joint costs using: the weighted average method based on the required cooling time of the two joint products. The following data is provided Using formulas and cell references, perform the required analysis, and input your answers into the B, C. and D columns. Use the blue entry cells (B13.C 14, B15) for intermediate calculations. Transfer the numeric results for the green entry cells (D13.D15) into the appropriate fields in CNOWv2 for grading