Allocating Joint Costs Using the Weighted Average Method Sunny Lane, Inc., purchases peaches from local orchards and sorts them into four categories. Grade A are large blemish-frce peaches that can be sold to gourmet fruit sellers. Grade B peaches are smatier and may be ulightly out of proportion. These are packed in boxes and sold to grocery stores. Peaches to be silced for canned peaches are even smaller than Grade B peaches and have blemishes. Peoches to be pureed for use in sauces are of lower grade than peaches for sllces, yet still food grace for canning. Intormation on a recent purchase of 20,000 pounds of peaches is as follows: Assume that Sunny Lane, inc, uses the weighted average method of joint cost allocation and has assigned the following weights to the four grades of peaches: Total joint cost is $18,000 Required: 1. Allocate the joint cost to the four grades of peaches using the weighted average method. Round your allocation percentages to four decimal places and round the allocated costs to the nearest dollar. the allocated costs to the nearest dollar. (Note: The joint cost allocation does not equal $18,000 due to rounding-) four decimal places and round the allocated costs to the nearest dollar. (Note: The joint cost allocation does not equal $18,000 due to rounding.) 2. What if the factory found that Grade A peaches were being valued less by customers and decided to decrease the weight rector for Grate A peaches to 2.07 itow would that affect the allocation of cost to Grade A peaches? How would it affect the allocation of cost to the remaining grades? Round your allocation parcentagen to four decimal places and round the allocated costs to the nearest dollar. (Note: The joint cost allocation does not equal $18,000 due to rounding.)