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 $ 450,000 300,000 187,500 $ 937,500 The company incurred the following joint costs for the year. Tree pruning and care Pickup, sorting, and grading $ 405,000 202,500 2. Compute gross profit for each of the three grades of walnuts. Assume, cost of goods sold consists only of the joint costs. Gross Profit Grade Number 1 Number 2 Number 3 Total