Question: Hi can someone help me with these questions please! Exercise 09-22C Assigning joint product costs LO C3 Pirate Seafood Company purchases lobsters and processes them

Hi can someone help me with these questions please!

Hi can someone help me with these questions please! Exercise 09-22C Assigning

Exercise 09-22C Assigning joint product costs LO C3 Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $19.50 per pound and the flakes for $15.00 per pound. On average, 100 pounds of lobster are processed into 58 pounds of tails and 28 pounds of flakes, with 14 pounds of waste. Assume that the company purchased 3,300 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $7,100. No materials or labor costs are assigned to the waste. If 1,769 pounds of tails and 847 pounds of flakes are sold, calculate the allocated cost of the sold items and the allocated cost of the ending inventory. The company allocates joint costs on a value basis. (Round your answers to nearest whole number. Round cost per pound answers to 2 decimal places.) Cost per Yield per 3,300 lb. purchase Market Value per 3,300 lb. purchase Percent of Market Value Cost to be allocated Allocated cost 3,300 pound purchase pound Numerator Denominator % of Mkt Value Lobster Tails 0 0 Lobster Flakes Totals 0 1) What is the allocated cost of the sold items? Cost per Pounds sold Cost of Goods Sold pound Lobster Tails $ 0.001 Lobster Flakes $ 0.00 Totals $ 0 2) What is the allocated cost of the ending inventory? Cost per pound Pounds in ending inventory Cost of Ending Inventory Lobster Tails $ 0.00 Lobster Flakes $ 0.00 Totals $ 0

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