Required information (The following information applies to the questions displayed below.) 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 Income Statement Por Year Ended December 31, 2019 No. 1 No. 2 Sales (by grade) No. 3 Combined No. 1: 350,000 Ibs. $1.50/lb $525,000 No. 21 350,000 Ibs. $0.90/1b $315,000 No. 31 500,000 lbs. $0.35/lb $ 210,000 Total sales $1,050.000 Costa Tree pruning and care $0.30/1b 105,000 105,000 180,000 390,000 Picking, sorting, and grading $0.20/1b 70,000 70,000 120,000 250,000 Delivery costs 15,300 15.300 37,800 68.400 Total costs 190.300 190, 300 337, 800 718,400 Net income (loss) $334,200 $124,700 $(127,800) $ 331,600 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 $30,600 of the $68,400 relates to crating the No. 1 and No. 2 peaches and hauling them to the buyer. The remaining $37,800 of delivery costs is for crating the No. 3 peaches and hauling them to the connery Required: ---- Proy 1 2 of 10 !!! Next > MACBOOK Help Save & Exit Submit 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.) Percent of Allocation Base Numerator Denominator % of Total x Indirect Cost Allocated Cost Tree Pruning and Care: Grade Allocation Base Nos No. 1 No. 2 No. 3 Totals Picking. Sorting, and Grading: Grade Allocation Base x Indirect Cost Percent of Allocation Base NurWrator Denominator % of Total Allocated Coat Nos. No. 1 No. 2 No. 3 Allocation Base x Indirect cont Allocated Coat Totals Delivery Grade Nos No. 1 No. 2 Percent of Allocation Base Numerator Denominator % of Total Proy an 1 2 of 10 BEE Next > MacBook. VARIP IS p nne IT Paris SPARTP nr Required information Tree Pruning and Care: Grade Allocation Base Nos Percent of Allocation Base Numerator Denominator % of Total * Indirect Cost Allocated Cost No. 1 No. 2 No. 3 Totals Picking, Sorting, and Grading: Grade Allocation Base Nos Percent of Allocation Base Numerator Denominator % of Total x Indirect Cost Allocated Cost No. 1 No. 2 No. 3 Totals Delivery: Grade Nos. Allocation Base Percent of Allocation Base Numerator Denominator % of Total x Indirect Cost Allocated Cost No. 1 No. 2 No. 3 Totals i * Seved Help Save & Exit Submit Total sales Costs Tree pruning and care 50.30/lb Picking, sorting, and grading 50.20/1b Delivery costs Total costs Net Income (loss) $1,050,000 105,000 105,000 180,000 390,000 70,000 70,000 120,000 260,000 15.300 15,300 37,800 68,400 190.300 190, 300 337,800 710,400 $334,700 $124,700 $(127,800) $ 331.600 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 $30,600 of the $68,400 relates to crating the No. 1 and No. 2 peaches and hauling them to the buyer. The remaining $37,800 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, 2019 No. 1 No. 2 No. 3 Combined Costs Total costs