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signment Print View Problem 24-5AC Allocation of joint costs LO C3 /The folowing information appoes to the questions displeyed below Georgia Orchards produced a good crop of peaches this year. After its No. 3 peaches preparing the following income statement, the compeny is cancemned GEORGIA ORCHARDS Income Statement For Year Ended December 31, 2017 Sales (by grade) $489,600 No. 1: 408,000 lbs $1.20b No. 2: 408,000 bs. a $0.80vb No 3: 1020,000 lbs. &$0.20nb Towl ssles $326.400 5 204,000 $1,020,000 Costs Tree pruning and care e s0 30/1b Picking, sorting, and grading $o.10b Delivery coss Total costs 122.400 122.400 306,000 550800 183,600 70,500 40,800 40.800 102,000 16,000 16,000 38 179,200 79,200 446.500 $ 310.400 $ 147.200 $1247.50 $ 215,100 Net income (oss In preparing this statement, the company costs is for crating the No. 3 peaches and hauling them to the cannery t located joint costs among the grades on a physical basis as an equal amount per pound. The that $32.000 of the $70,500 relates to crating the No. 1 and No. 2 peeches and hauling them to the buyer. The remeining Section Break Problem 24 SAC Allocation of joint costs LO C3 Award 10.00 points Problem 24-5AC Part 1 Required 1. Prepare reports showing cost allocations on a sales value basis to the three grades of peaches Separate the delivery costs into th denbeach grade. Then allocate any shared delivery costs on the basis of the relative sales value of each grade. (o not