Required information [The following information applies to the questions displayed below) California Orchards reports the following sales data for the year ended December 31 Grade of Walnuts Number 1 Number 2 Number 3 Total Sales $ 504,000 336,000 210,000 $ 1,050,000 45 The company incurred the following joint costs for the year. Tree pruning and care Pickup, sorting, and grading $ 589,000 168,000 Required: 1. Use the value basis to allocate joint costs to the three grades of walnuts on the basis of sales value. * Indirect Cost Allocated Cost Allocation of joint costs on the basis of sales values. Grade Allocation Base Percent of Allocation Base Numbers Numerator Denominator % of Total Number 1 Number 2 Number 3 Totals Required information (The following information applies to the questions displayed below.) California Orchards reports the following sales data for the year ended December 31 Grade of Walnuts Number 1 Number 2 Number 3 Total Sales $ 504,000 336,000 210,000 $ 1,050,000 The company incurred the following joint costs for the year. Tree pruning and care $ 589,00 Pickup, sorting, and grading 168,000 2. Compute gross profit for each of the three grades of walnuts. Assume, cost of goods sold consists only of the joint cost- Grade Gross Profit Number 1 Number 2 Number 3 Total