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2 Georgia Orchards produced a good crop of peaches this year. After preparing the following income statement, the company is concerned about the net loss on its No. 3 peaches. GEORGIA ORCHARDS Incomc Statement For Year Ended December 31, 2017 Part 1of2 Combined No. 1 No. 2 No. 3 Sales by grade t% No. 11 420,000 Ibs. e S1.20/1b No. 2: 120,000 Iba. $0.80/Lb No. 3: 840,000 Ibs. S0.25/1b Total sales S504,000 $33, C00 png points s 210,000 $1,050,000 5kippec Costs Tree pruning and care $0,35/Ib Picking, sorting, and grading $0.10/Th Delivery costs Total costs 588,000 168,000 70,800 416,600826,800 $29B,900 $130, 900 3(206, 600) $ 223,200 147,000 14, 000 294, 0O0 84 000 3,600 42,000 42, 000 16,100 16,100 eBook 205,100 205,100 4 Net income oss) Print 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 $32,200 of the $70,800 relates to crating the No. 1 and No. 2 peaches and hauling them to the buyer. The remaining S38,600 of delivery costs is for crating the No. 3 peaches and hauling them to the cannery. Problem 24-5AC Part 1 Required 1. Prepare reports showing cost allocations on a sales value basis to the three grades of peaches. Separate the delivery costs into the amounts directly identifiable with each grade. Then allocate any shared delivery costs on the basis of the relative sales value of each grade. (Do not round intermediate calculations.) Check my work 2 Required information Images Part 1of2 e Pruning and Care: Grade Nos. Allocation Base x Indirect Cost Allocated Cost % of Total Screen%20Shot% 202019-..202 png No. 1 No. 2 No. 3 Totals resume 2 cking, Sorting, and Grading Book rade Allocation Base Percent of Allocation Base x Indirect Cost Allocated Cost Print % of Total No. 1 No. 2 No. 3 resumc 1 Totals Grade Allocatlon Base f All x Indirect Cost Allocated Cost Denominator % of Total No, 1 No. 2 No. 3