The following information applies to the questions displayed below.] California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Sales Number 1 $ 448,800 Number 2 367,200 Number 3 204,000 $ Total 1,020,000 The company incurred the following joint costs for the year. Tree pruning and care
The following information applies to the questions displayed below.] California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Sales Number 1 $ 448,800 Number 2 367,200 Number 3 204,000 $ Total 1,020,000 The company incurred the following joint costs for the year. Tree pruning and care
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
Walnuts
Number 1
Number 2
Sales
$ 448,800
367,200
Number 3
Total
204,000
$
1,020,000
The company incurred the following joint costs for the year.
$
Tree pruning and care
618,800
Pickup, sorting, and
grading
176,800
2. Compute gross profit for each of the three grades of walnuts. Assume, cost of goods sold consists only of the joint
costs.
✓ Answer is complete but not
Gross
ect.
Grade
Profit
|Number 1 $
99,760X
Number 2
110,469X
Number 3
44,171X
Total
$ 254,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fadca2e8c-9639-4935-958e-5ee97c6054ee%2Fe09fe2fc-8c9e-4534-bd98-9329859148ee%2Fsg8qpfc_processed.png&w=3840&q=75)
Transcribed Image Text: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
Walnuts
Number 1
Number 2
Sales
$ 448,800
367,200
Number 3
Total
204,000
$
1,020,000
The company incurred the following joint costs for the year.
$
Tree pruning and care
618,800
Pickup, sorting, and
grading
176,800
2. Compute gross profit for each of the three grades of walnuts. Assume, cost of goods sold consists only of the joint
costs.
✓ Answer is complete but not
Gross
ect.
Grade
Profit
|Number 1 $
99,760X
Number 2
110,469X
Number 3
44,171X
Total
$ 254,400
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