A peanut grower reports total joint costs of $640,000. It also reports the following sales for the year. Peanut Grade Number 1 Number 2 Total Sales Value $ 700,000 300,000 $ 1,000,000 Allocate joint costs using the value basis and compute gross profit for each peanut grade. Percent of Total S Joint Products Sales Value Allocated Cost Gross Profit Numerator Denominator % of Total Number 1 0 Number 2 0 Totals $ 0 0 $ 0 $ 0