The All Cheddar Company makes a variety of cheese products. The top selling cheese is the...

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The All Cheddar Company makes a variety of cheese products. The top selling cheese is the cheddar is "old aged" and "smoked cheddar". Both products are sold at the single split off point. Joint costs of production are $55,000 for the March 31, 2022 operating year. Selling prices, units sold, ending inventory and separable costs for each product is as follows: Product Old Aged Smoked Cheddar Sales (pounds) 15,000 10,000 Ending Inventory (pounds) 3,000 4,500 Selling price per pound $9.50 $11.00 Separable costs $110,925 $115,000 Required 1. Allocated joint costs using the gross margin percentage method. 2. Calculate the cost per unit of each product. 3. Prepare, in good format, the income statement. Ensure to report the gross margin percentage for each product and in total. The All Cheddar Company makes a variety of cheese products. The top selling cheese is the cheddar is "old aged" and "smoked cheddar". Both products are sold at the single split off point. Joint costs of production are $55,000 for the March 31, 2022 operating year. Selling prices, units sold, ending inventory and separable costs for each product is as follows: Product Old Aged Smoked Cheddar Sales (pounds) 15,000 10,000 Ending Inventory (pounds) 3,000 4,500 Selling price per pound $9.50 $11.00 Separable costs $110,925 $115,000 Required 1. Allocated joint costs using the gross margin percentage method. 2. Calculate the cost per unit of each product. 3. Prepare, in good format, the income statement. Ensure to report the gross margin percentage for each product and in total.