Nuts-2-U Ltd.purchased 1,000 bags of pecans at a total cost of $6,920.In addition,the company incurred $100 for transportation and grading.The pecans were graded as follows: 
Assuming the relative sales value method is used to allocate joint costs:
(a) Give the entry to record the purchase,assuming perpetual inventory records are kept.Include transportation and sorting costs in the entry.Show computations.
(b) Give the valuation of the ending inventory,assuming the following quantities on hand (show computations): 
Total $
Definitions:
High Need for Affiliation
A personality trait characterized by a strong desire to develop and maintain social relationships and to be part of groups.
Allocate Scarce Resources
The process of distributing limited resources among competing needs or users in order to achieve desired outcomes.
Four-Drive Theory
A motivational theory proposing that human beings are driven by four fundamental needs or drives: the drive to acquire, bond, learn, and defend.
Social Norms
Social norms are the accepted behaviors, values, and conventions that govern the behavior of individuals within a group or society.
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