Pirate Seafood Company purchases lobsters and processes theminto tails and flakes. It sells the lobster tails for $19.50 perpound and the flakes for $14.60 per pound. On average, 100 poundsof lobster are processed into 62 pounds of tails and 27 pounds offlakes, with 11 pounds of waste. Assume that the company purchased3,500 pounds of lobster for $4 per pound and processed the lobsterswith an additional labor cost of $7,300. No materials or laborcosts are assigned to the waste. If 2,033 pounds of tails and 865pounds of flakes are sold, calculate the allocated cost ofthe sold items and the allocated cost of the ending inventory. Thecompany allocates joint costs on a value basis.(Round your answers to nearestwhole number. Round cost per pound answers to 2 decimalplaces.)

Answer is complete but not entirely correct.

Yield per 3,500 lb.purchase Market Value per 3,500 lb.purchase Percent of MarketValue Cost to be allocated Allocated cost 3,500 poundpurchase Cost per pound Numerator Denominator % of MktValue Lobster Tails 2,170selected answercorrect $42,315selected answercorrect $42,315selected answer correct $56,112selected answer correct 75.41 $21,300selected answercorrect $16,062selected answer correct $7.40selected answer correct LobsterFlakes 945selected answer correct 13,797selected answercorrect 13,797selected answercorrect 56,112 24.59 $21,300 $5,238 $5.54selected answer correct Totals $56,112 100 $21,300 1) What is the allocatedcost of the sold items? Cost per pound Pounds sold Cost of Goods Sold Lobster Tails $7.40 2,033selected answercorrect $15,044selected answer correct LobsterFlakes $5.54 865selected answer correct 4,792selected answer correct Totals $19,836 2) What is the allocatedcost of the ending inventory? Cost per pound Pounds in endinginventory Cost of EndingInventory Lobster Tails $7.40 LobsterFlakes $5.54 Totals