A lumber mill bought a shipment of logs for $60,000. When cut, the logs produced a million 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. (Do not round your intermediate calculations.) Type 1 - 400,000 bd. ft. priced to sell at $0.12 per bd. ft Type 2-400,000 bd. ft priced to sell at $0.06 per bd. ft. Type 3 - 200,000 bd. ft priced to sell at $0.04 per bd. ft Multiple Choice $36,000: $18,000 $24,000: $8,000 $16,000, $16,000 $60,000: $24,000 $10,944 $6,000