mework Saved Required information [The following information applies to the questions displayed below] Georgia Orchards produced a good crop of peaches this year. After preparing the followin income statement, the company is concerned about the net loss on its No. 3 peaches. GEORGIA ORCHARDS Income Statement For Year Ended December 31, 2017 No.1 Combined No. 2 No. 3 Sales (by grade) No. 1: 408,000 Ibs.@ $1.20/lb No. 2: 408,000 Ibs.@ $0.80/lb No. 3: 680,000 Ibs.@ $0.30/lb Total sales $489,600 $326,400 $ 204,000 $1,020,000 Costs Tree pruning and care @ $0.25/Ib Picking, sorting, and grading@$0.20/Ib Delivery costs Total costs 102,000 81,600 15,200 198,800 102,000 81,600 15,200 198,800 343,700 $290,800 $127,600 $(139,700) $ 278,700 170,000 136,000 37,700 374,000 299,200 68,100 741,300 Net income (loss) - $290,800 $127,600 $(139,700) 278,700 Net income (loss) 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 $30,400 of the $68,100 relates to crating the No. 1 and No. 2 peaches and hauling them to the buyer. The remaining $37,700 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.) GEORGIA ORCHARDS Income Statement For Year Ended December 31, 2018 No. 1 No. 2 No. 3 Combined Costs Total costs 0 0 $ C $ C