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A lumber mill bought a shipment of logs for $58,000. When cut, the logs produced...

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Accounting

A lumber mill bought a shipment of logs for $58,000. When cut, the logs 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. (Do not round your intermediate calculations.) 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. Multiple Choice $58,000; $24,000. $34,800; $17,400. $10,944;$5,800. $24,000; $8,000. $16,000; $16,000.

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