a lumber mill paid $70,000 for logs that produced 200,000 board feet of lumber in 3 different grades and amounts as follows

A lumber mill paid $70,000 for logs that produced 200,000 board feet of lumber in 3 different grades and amounts as follows: Grade Structural No. 1 Common No. 2 Common Production 25,000 board feet 75,000 board feet 100,000 board feet Market Price $1,350/1,000 bd. ft. $ 750/1,000 bd. ft. $ 300/1,000 bd. ft. Compute the portion of the $70,000 joint cost to be allocated to No. 2 Common if the value basis is used