Allocating Joint Costs Using the Weighted Average Method Sunny Lane, Inci, purchases peaches from local orchards and sorts them inte four categones. Grade A are large blemish-free peaches that can be sold to gourmet frut seliert. Crade A peaches are smaller and may be slightly out of proportion. These are packed in bexns and fold to grocery stores. Peaches to be sticed for canined peaches are even smatler than Grade B peaches and have blemithes. Peaches to be pureed for use in sauces are of lower grade than pesches for sices, yet still food grade for canning. Information on a recent purchase of 20,000 pounds of peaches is as fotiowsi Assume that 5 unny Lane, Ine., uses the weighted average method of joint cost allocation and has assigned the following weights to the four grades of peachest Total foint cost ts \$22,000. Requiredi 1. Allocate the joint cos to the four grades of peathes uking the weighted toverage methed. Round your allocation percentages to four decimal places and round the allocated costs to the nearest dollar. 1. Alocate the joint cost to the four grades of peaches using the weighted averoge method. Round your allocation percentages to four decimal places and round the allocated costs to the nearest dollar. (Note: The foint cost allocation daes not equal $22,000 due to rounding:] 2. What if the hactory found that Grode A pesches were being valued less by customeis and declded to decrease the weight foctor for Grade A peaches to 2.0 if iow would that affect the allocation of cost to Grade A peaches? How would it affect the aliocation of cost to the remaining grades? Round your allecation percentages to four decimal places and round the aliocated costs to the nearest doliar. Woke: The joint cost allocation does not equal 122,900 due to rounding.)