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Case 17-36 Comprehensive Case on Joint Cost Allocation (LO 17-4, 17-5) Edmonton Chemical Company manufactures two industrial chemical products in a joint process. In May, 15,000 gallons of input costing $56,000 were processed at a cost of $154,000. The joint process resulted in 10,000 pounds of Resoline and 5,000 pounds of Krypto. Resoline sells for $20 per pound, and Krypto sells for $40 per pound. Management generally processes each of these chemicals further in separable processes to produce more refined chemical products. Resoline is processed separately at a cost of $2 per pound. The resulting product, Resolite, sells for $34 per pound. Krypto is processed separately at a cost of $9 per pound. The resulting product, Kryptite, sells for $40 per pound. Required: 2- Allocate the company's joint production costs for May using the physical-units a. method. (Do not round your intermediate calculations.) Joint Products Allocation of Joint Cost Resoline Krypto Total 2- Allocate the company's joint production costs for May using the relative-sales-value b. method. (Do not round your intermediate calculations.) Allocation of Joint Cost Joint Products Resoline Krypto Total 2- Allocate the company's joint production costs for May using the net-realizable-value c. method. (Do not round your intermediate calculations.) Joint Products Allocation of Joint Cost Resoline Krypto Total 3- Edmonton's management is considering an opportunity to process kryptite further a. into a new product called Omega. The separable processing will cost $39 per pound. Packaging costs for Omega are projected to be $3 per pound, and the anticipated sales price is $75 per pound. Calculate the incremental profit or loss from processing Kryptite into Omega Incremental per pound 3- b. Should Kryptite be processed further into Omega? Yes O No