Exercise 7-17. Allocating Joint Costs [LO 3]The American Produce Company purchased a truckload of cantaloupes (weighing 4,000 pounds) for $800. American Produce separated the cantaloupes into two grades: superior and economy. The superior-grade cantaloupes had a total weight of 3,200 pounds, and the economy-grade cantaloupes totaled 800 pounds. American Produce sells the superior-grade cantaloupes at $0.35 per pound, and the economy-grade ones at $0.15 per pound.RequiredAllocate the $800 cost of the truckload to the superior-grade and economy-grade cantaloupes using the physical quantity method and the relative sales value method. ============================Exercise 7-17. Allocating Joint Costs [LO 3]The American Produce Company purchased a truckload of cantaloupes (weighing 4,000 pounds) for$800. American Produce…