tutu t2 2 Check my wont 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 1 2 NO. Sales (by grade) No. 1: 257,500 a $1.88/16 5463.500 No. 21 257.500 lbs. $1.40/16 $360,500 No.31 824,000 lbs.50.25/10 $20.000 Total sales 31,050,000 Costs Tree pruning and care se 5e/Tb 128,750 126,75 412.000 569,500 Picking, sorting, and grading se. 10/1b 25,750 25,750 82,400 133,00 16,000 15,000 38,400 7,400 Delivery costs Total costs 170,500 270 See 532.ee 873, $299, eee $190,000 $(326,860) $ 156,206 Net income (loss) es 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 $32,000 of the 570,400 relates to crating the No 1 and No. 2 peaches and hauling them to the buyer. The remaining $38.400 of delivery costs is for ctating the No. 3 peaches and hauling them to the cannery peaches and hauling them to the cannery Part 22 2. Using your answers to part prepare an income statement using the joint costs located on a sales value beso not round intermediate calculations.) 6 GEORGIA ORCHARDS Income Statement For Year Ended December 31, 2018 No. 1 No. 2 No. 3 Combined Costs ce Total costs 0 0 $ D 0 $ 0 05 0 0 $ Mc Graw Hill