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Pirate Seafood Company purchases lobsters and processes theminto tails and flakes. It sells the lobster tails for $20.60 perpound and the flakes for $15.50 per pound. On average, 100 poundsof lobster are processed into 59 pounds of tails and 25 pounds offlakes, with 16 pounds of waste. Assume that the company purchased3,800 pounds of lobster for $4 per pound and processed the lobsterswith an additional labor cost of $5,100. No materials or laborcosts are assigned to the waste. If 2,106 pounds of tails and 878pounds of flakes are sold, calculate the allocated cost of the solditems and the allocated cost of the ending inventory. The companyallocates joint costs on a value basis. (Round your answersto nearest whole number. Round cost per pound answers to 2 decimalplaces.)

Yield per 3,800 lb.purchase Market Value per 3,800 lb.purchase Percent of MarketValue Cost to be allocated Allocated cost 3,800 poundpurchase Cost per pound Numerator Denominator % of Mkt Value Lobster Tails LobsterFlakes Totals 1) What is the allocatedcost of the sold items? Cost per pound Pounds sold Cost of Goods Sold Lobster Tails LobsterFlakes Totals 2) What is the allocatedcost of the ending inventory? Cost per pound Pounds in endinginventory Cost of EndingInventory Lobster Tails LobsterFlakes Totals