Required information[The following information applies to the questions displayed below.]Georgia Orchards produced a good crop of peaches this year. After preparing thefollowing income statement, the company believes it should have given its No. 3peaches to charity and saved its efforts.GEORGIA ORCHARDSIncome StatementFor Year Ended December 31, 2013No. 1No. 2No. 3CombinedSales (by grade)$445,500No. 1: 247,500 lbs. @ $1.80/lbNo. 2: 247,500 lbs. @ $1.40/lbNo. 3: 792,000 lbs. @ $0.25/lb$346,500$ 198,000$990,000Total salesCosts386,100Tree pruning and care@ $0.30/lb74,25074,250237,600Picking, sorting, and grading257,40049,50049,500158,400@ $0.20/lbDelivery costs15,00015,00037,60067,600Total costs138,750138,750433,600711,100278,900Net income (loss)$306,750$ 207,750 $(235,600)$In preparing this statement, the company allocated joint costs among the grades on aphysical basis as an equal amount per pound. The company's delivery cost recordsshow that $30,000 of the $67,600 relates to crating the No. 1 and No. 2 peaches andhauling them to the buyer. The remaining $37,600 of delivery costs is for crating the No.3 peaches and hauling them to the cannery. Required:1. Prepare reports showing cost allocations on a sales value basis to the three grades ofpeaches. Separate the delivery costs into the amounts directly identifiable with eachgrade. Then allocate any shared delivery costs on the basis of the relative sales valueof each grade. (Do not round intermediate calculations.)Tree pruning and care:GradeAllocation Basex Indirect CostPercent of Allocation BaseDenominatorNos.NumeratorPercent of Allocation Basex Indirect Costx Indirect CostSales valueTotalsPicking, sorting, and grading:GradeNos.No. 1No. 2No. 3No. 1No. 2No. 3TotalsDelivery:GradeNos.No. 1No. 2No. 3TotalsAllocation BaseAllocation BaseNumerator Denominator% of TotalNumerator% of TotalPercent of Allocation BaseDenominator% of Total0000000000Allocated CostAllocated CostAllocated Cost00

Joint costs refer to the concept when one cost-benefit is linked with one or more products.

he following information applies to the questions displayed below.] orgia Orchards produced a good crop of peaches this year. Af owing income statement, the company believes it should have aches to charity and saved its efforts. GEORGIA ORCHARDS

he following information applies to the questions displayed below.] orgia Orchards produced a good crop of peaches this year. Af owing income statement, the company believes it should have aches to charity and saved its efforts. GEORGIA ORCHARDS

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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