A lumber mill bought a shipment of logs for $40,000. When cut, the logs produced 1,000,000 board feet of lumber in the following grades. Compute the cost to be allocated to Type 1 and Type 2 lumber, respectively, if the value basis is used. Type 1-400,000 board feet priced to sell at $0.12 per board foot Type 2-400,000 board feet priced to sell at $0.06 per board foot Type 3-200,000 board feet priced to sell at $0.04 per board foot $40,000; $24,000. $24,000; $12,000. $16,000; $16,000. $24,000; $8,000. O $13,333; $4,444.