Tampa Tomatoes reports the following sales data for the year ended December 31. Grade of Tomatoes No. 1 Sales $600,000 No. 2 No. 3 Total 350,000 50,000 $1,000,000 The company incurred the following joint costs for the year. Land preparation, seeding, and cultivating Harvesting, sorting, and grading Required $700,000 40,000 1. Use the value basis to allocate joint costs to the three grades of tomatoes. 2. Compute gross profit for each of the three grades of tomatoes. Tampa Tomatoes reports the following sales data for the year ended December 31. Grade of Tomatoes No. 1 Sales $600,000 No. 2 No. 3 Total 350,000 50,000 $1,000,000 The company incurred the following joint costs for the year. Land preparation, seeding, and cultivating Harvesting, sorting, and grading Required $700,000 40,000 1. Use the value basis to allocate joint costs to the three grades of tomatoes. 2. Compute gross profit for each of the three grades of tomatoes.