Please do not give solution in image format thanku Required information[The following information applies to the questions displayed below.]California Orchards reports the following sales data for the year ended December 31.Grade of WalnutsNumber 1Number 2Number 3TotalSales$ 570,000342,000228,000$ 1,140,000The company incurred the following joint costs for the year.$ 570,000190,000TotalsTree pruning and carePickup, sorting, and gradingRequired:1. Use the value basis to allocate joint costs to the three grades of walnuts on the basis of sales value.Allocation of joint costs on the basis of sales values.Allocation BaseGradeNumbersNumber 1Number 2Number 3Percent of Allocation BaseNumerator Denominator% of Totalx Indirect Cost Allocated Cost 2. Compute gross profit for each of the three grades of walnuts. Assume, cost of goods sold consists only of the joint costs.GradeNumber 1Number 2Number 3TotalGross Profit

The gross profit is calculated as the difference between sales and cost of goods sold. The net…

California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Number 1 Number 2 Number 3 Total Sales $ 570,000 342,000 228,000 $ 1,140,000 The company incurred the following joint costs for the year. Tree pruning and care. $ 570,000 190,000 Pickup, sorting, and grading quired: Use the value basis to allocate joint costs to the three grades of walnuts on the basis of sales value.

California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Number 1 Number 2 Number 3 Total Sales $ 570,000 342,000 228,000 $ 1,140,000 The company incurred the following joint costs for the year. Tree pruning and care. $ 570,000 190,000 Pickup, sorting, and grading quired: Use the value basis to allocate joint costs to the three grades of walnuts on the basis of sales value.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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