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Requirement 1. Allocate the August 2017 joint cost among the three products using the (a) Physical-measure method and (b) NRV method First, allocate the August 2017 joint cost using the physical-measure method. (Round the weights to five decimal places and joint costs to the nearest cent.) Overview of the process and results. An overview of the process and results for August 2017 are shown here (Note. The numbers are small to keep the Requirements 1. Allocate the August 2017 joint cost among the three products using the following a. Physical-measure method b. NRV method. 2. Show the operating income for each product using the methods in requirement 1 3. Discuss the pros and cons of the two methods to Smith Oil \& Gas for making decisions about product emphasis (pricing, sell-or-processfurther decisions, and so on). More info Starting August 2017, Smith Oil \& Gas must report a separate product-line income statement for crude oil. One challenge facing Smith Oil \& Gas is how to allocate the joint cost of producing the three separate salable outputs. Assume no beginning or ending inventory