Georgia Orchards produced a good crop of peaches this year. After preparing the following income statement, the company believes it should have given its No$.3$ peaches to charity and saved its efforts.In preparing this statement, the company allocated joint costs among the grades on a

physical basis as an equal amount per pound. The company's delivery cost records

show that $$34,000$ of the $$73,500$ relates to crating the No$.1$ and No$.2$ peaches and

hauling them to the buyer. The remaining $$39,500$ of delivery costs is for crating the No$.$

$3$ peaches and hauling them to the cannery.!

Required information

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Georgia Orchards produced a good crop of peaches this year. After preparing the following income statement, the company believes it should have given its No$.3$ peaches to charity and saved its efforts.

$\backslash$table$[[\backslash$table$[[$GEORGIA ORCHARDS$],[$Income Statement$],[$For Year Ended December $31,2013]]],[,$No$.1,$No$.2,$No$.3,$Combined$],[$Sales $($by grade$)],[$No$.1$: $234,000lbs.$@$$\frac{2\mathrm{.}10}{l}b,$$$491,400,,,$$$1,170,000$