A lumber mill paid $96,000 for logs that produced 150.440 board feet of lumber in 3 different grades and amounts as follows Grade Production Market Price Structural No. 1 Common No. 2 Connon 16,648 board feet 58,800 board feet 75,e00 board feet $2,258/1,800 bd. ft $1,200/1,000 bd. ft s 480/1,880 bd. ft Compute the portion of the $96,000 joint cost to be allocated to No. 2 Common if the value basis is used. Mutiple Choice $32,000 $o $48,000 $96,000