E16-23 (similar to) Question Help Indiana Soy Products (OSP) buys soybeans and processes them into other say products. Each ton of soybeans that OSP purchases for $250 can be converted for an additional $200 into 600 lbs of soy meal and 120 gallons of soy ail A pound of soy meal can be sold at splitoff for S1.44 and soy oil can be sold in bulk for $4.75 per gallon. OSP can process the 600 pounds of soy meal into 750 pounds of soy cookles at an additional cost of $330. Each pound of soy cookies can be sold for $2.44 per pound. The 120 gallons of soy ol can be packaged at a cost of $260 and made into 480 quarts of Soyola. Each quart of Soyola can be sold for $1.55 Requirements 1. Allocate the joint cost to the cookies and the Soyola using the following: a. Sales value at splitoff method b. NRV method 2. Should OSP have processed each of the products further? What effect does the allocation method have on this decision? Requirement 1. Allocate the joint cost to the cookies and the Soyola using the (a) Sales value at splitoff method and (b) NRV method. a. First, allocate the joint cost using the Sales value at splitoff method. (Round the weights to three decimal places and joint costs to the nearest dollar.) Cookies Soyola Soy Meal Soy Oi Total Sales value of total production at splitoff Weighting Joint costs allocated Enter any number in the edit fields and then click Check Answer. Clear All Check Answer remaining