A lumber mill paid for logs that produced board feet

Question

A lumber mill paid $70,000 for logs that produced 200,000 board feet of lumber in 3 different grades and amounts as follows:

Grade	Production	Market Price
Structural"u00a6"u00a6"u00a6"u00a6	25,000 board feet	$1,350/1,000 bd. ft.
No. 1 Common"u00a6.	75,000 board feet	$ 750/1,000 bd. ft.
No. 2 Common"u00a6.	100,000 board feet	$ 300/1,000 bd. ft.

Compute the portion of the $70,000 joint cost to be allocated to No. 2 Common.
A.$ 0.
B.$17,500.
C.$23,333.
D.$35,000.
E.$70,000.

Answer

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