Homework Saved Help Sove & Exit Submit Check my work Incoe Statent For Year Ended December 31, 2017 No. 1 No. 2 No. 3 Combined Sales (by grade) No. 1: 257, 5e Ibs. $1.8e/lb 5463, 5ee No. 2: 257.500 Tbs.& $3.48/2b $360,500 No. 3: 824.eee Tbs.50.25/1 $ 205, eee Total sales $1,038,00 Costs Tree pruning and care $0.50/ID 128,758 128,75e 412,880 669,580 Picking, sorting, and grading se. 18/Ib 25,750 25,750 82,400 133,900 Delivery costs 16,80 16,00 38,400 78.4ee Total costs 170,500 170. See 532,800 873,80e Net income (los) $293,eee $190, eee $(326, 809) $ 156,200 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 $32,000 of the $70,400 relates to crating the No 1 and No 2 peaches and hauling them to the buyer. The remaining $38,400 of delivery costs is for crating the No 3 peaches and hauling them to the cannery 2. Using your answers to part 1, prepare an income statement using the joint costs allocated on a sales value basis (Do not round Intermediate calculations.)