Please help with my accounting homework. Need it very soon.
Problem Q-EAB Allocation ofjolnt costs L0 CS {The followmg mfonnanbn applies to the questions displayed below} Georgia Orchards pro-duoed a good crop of peaches thls 1year. Mter preparing the follomng Inoorne statement, the company believes it should have given its No. 3 peaches to charlty and saved its elforts. Sales {by grade] No. 1: 350,000 lbs. @ 31.50% $52 5,000 No. 2: 350,000 lbs. 0' $0.90b $ 315,000 No. 3: 600,000 lbs. 01 $035.00 $ 210,000 Total sales $1,050,000 Costs Tree pruning and care @ $0.30ilb 105,000 105,000 180,000 390,000 Plcklng,ssrtlng, and gradan 050.20llb 20,000 20,000 120,000 260,000 Delivery costs 15,300 15,300 31800 68,400 Total costs 100,300 100,300 3311800 118,400 Net Income [I055] $ 334,?00 $ 124,?00 $ (121800] $ 331,600 In prepanng this statement,the damp-any allocated joint costs among the grades on a physical basis as an equal amount per pound. The company's delivery' cost reoords show that $30,600 cfthe $68,400 relates to crating the No. 1 and No.2 peaches and hauling them to the buyer. The rernalnlng $31800 of delivery costs Is for crating the No. 3 peaches and hauling them to the cannery. Problem 9-5AB Part1 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 identiable with each grade. Then allocate any shared delivery costs on the basis of the relative sales value of each grade. [Do not round intermediate calculation5.:u Sales value Numerator Denominator '50 ot Total $ 525,000 0 315,000 210,000 1,050,000 Nos. Numerator Denominator '50 at Total No. 1 0 No. 2 0 No 3 Totals No. 1 No. 2 Totals Problem 9-5AB Part 2 2. Using your answers to part 1, prepare an income statement using thejuint costs allocated on a sales value basis. {Do not round intermediate calculationsJ -I-I-I _I_