Please help me with this question

Problem 13-20 (Algo) Sell or Process Further Decision [LO13-7] {Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of Tbone steak on hand, and it is trying to decide whether to sell the Tbone steaks as they are initially cut or to process them further into Tllet mignon and the New York cut. lfthe Tbone steaks are sold as initially cut, the company figures that a 1pound Tbone steak would yield the following profit: Selling price ($2.18 per pound) ii. 2.18 Less joint costs incurred up to the splitoff point where Tbone steak can be identified as a separate product 1.55 Pro-Fit per pound fa 8.55 If the company were to further process the Tbone steaks, then cutting one side ofa Tbone steak provides the filet mignon and cutting the other side provides the New York cut. One 16-ounce T-bone steak cut in this way will yield one 6-ounce let mignon and one 8ounce New York cut; the remaining ounces are waste. It costs $0.16 to further process one Tbone steak into the let mignon and New York cuts. The filet mignon can be sold for $3.60 per pound, and the New York cut can be sold for $3.10 per pound. Required: 1. What is the nancial advantage {disadvantage} offurther processing one Tbone steak into let mignon and New York cut steaks? 2. Would you recommend that the Tbone steaks be sold as initially cut or processed further? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the nancial advantage (disadvantage) of further processing one Tbone steak into let mignon and New York cut steaks? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Financial advantage