Need answer the general accounting question not use ai A lumber mill bought a shipment of logs for $58,000. When cut, thelogs produced a million board feet of lumber in the following grades.Compute the cost to be allocated to Type 1 and Type 2 lumber,respectively, if the value basis is used.Type 1-400,000 bd. ft. priced to sell at $0.12 per bd. ft.Type 2-400,000 bd. ft. priced to sell at $0.06 per bd. ft.Type 3-200,000 bd. ft. priced to sell at $0.04 per bd. ft.a. $58,000; $24,000.b. $34,800; $17,400.c. $10,944; $5,800.d. $24,000; $8,000.e. $16,000; $16,000.

Step 1:- Definition of CostCost is a business's monetary expenditure to produce its merchandise,…

Answered: A lumber mill bought a shipment of logs…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

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