Saved Help Save & Exit Check my v 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 For Year Ended December 31, 2017 No. 1 No. 2 No. 3 Combined Sales (by grade) No. 1: 277,500 Ibs. $1.80/1b $499,500 No. 2: 277,500 Ibs. @ $1.20/lb $333,000 No. 3: 1,110,000 Ibs. @ $0.25/lb $ 277,500 Total sales $1,110,000 Costs Tree pruning and care @ $0.50/Ib 138,750 138,750 555,000 B32,500 Picking, sorting, and grading e $0.04/Ib 11,100 11,100 44,400 66,600 Delivery costs 16,700 16,700 39,200 72,600 Total costs 166,550 166,550 638,600 971,700 Net income (loss) $332,950 $166,450 $(361,100) $ 138,300 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 $33,400 of the $72,600 relates to crating the No. 1 and No. 2 peaches and hauling them to the buyer. The remaining $39,200 of delivery costs is for crating the No. 3 peaches and hauling them to the cannery. Jove nework i TIP CH PEALITES OHU Hunty ve U LIC LOy. 2. Using your answers to part 1, prepare an income statement using the joint costs allocated on a sales value basis. (Do not intermediate calculations.) GEORGIA ORCHARDS Income Statement For Year Ended December 31, 2018 No. 1 No. 2 No. 3 Combined Costs Total costs