Refer to Cornerstone Exercise 7-7. Assume that Appletime, Inc., uses the weighted average method of joint cost allocation and has assigned the following weights to the four grades of apples:

Required:
1. Allocate the joint cost to the four grades of apples using the weighted average method. (Carry out the percent calculations to four significant digits. Round all cost allocations to the nearest dollar.)
2. What ifthe factory found that Grade A apples were being valued less by customers and decided to decrease the weight factor for Grade A apples to 2.0? How would that affect the allocation of cost to Grade A apples? How would it affect the allocation of cost to the remaining grades?LO1

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Grades Pounds Weight Factor Grade A 1,500 3.0 Grade B 5,000 2.0 Slices 8,000 0.5 Applesauce Total Total joint cost is $6,000. 5,500 1.0 20,000