Required information [The following information applies to the questions displayed below.] California Orchards reports the following sales data for the year ended December 31. The company incurred the following joint costs for the year. Required: 1. Use the value basis to allocate joint costs to the three grades of walnuts on the basis of sales value. 2. Compute gross profit for each of the three grades of walnuts. Assume, cost of goods sold consists only of the joint costs