Windsor Corporation purchased a tract of unimproved land for $631,000. This land was improved and subdivided into building lots at an additional cost of $129,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows: Group No. of Lots Price per Lot 1 21 $23,100 2 13 19,900 3 g 19,000 Operating expenses for the year allocated to this project total $78,500. Lots unsold at the year-end were as follows: Group 1 9 lots Group 2 3 lots Group 3 4 lots At the end of the fiscal year Windsor Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to O decimal places, e.g. 5,845.) Net income $

Sagar

Elirie Company, bought a 10-hectare land for P5,850,000 to be improved, subdivided into lots and eventually sold. Taxes and documentation expenses on the transfer of the property amounted to P80,000. Lot class Number of lots Selling price per lot Total clearing cost A 10 100,000 None 100,000 300,000 В 20 80,000 C 40 70,000 50 60,000 800,000 14. What amount should be allocated as total cost of Class B lots under the relative sales price method?

Splish Realty Corporation purchased a tract of unimproved land for $154,000. This land was improved and subdivided into building lots at an additional cost of $96,488. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Group 1 2 3 No. of Lots 9 15 Group 1 Group 2 Group 3 17 Operating expenses for the year allocated to this project total $50,960. Lots unsold at the year-end were as follows. Net income 5 lots 7 lots Price per Lot $8,400 11.200 6,720 2 lots At the end of the fiscal year Splish Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to 0 decimal places, e.g. 5,845.)

Whispering Realty Corporation purchased a tract of unimproved land for $82,500. This land was improved and subdivided into building lots at an additional cost of $51,690. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Group 1 2 3 Group 1 Group 2 Group 3 No. of Lots 9 Net income 15 17 Operating expenses for the year allocated to this project total $27,300. Lots unsold at the year-end were as follows. 5 lots 7 lots Price per Lot $4,500 6,000 2 lots 3,600 At the end of the fiscal year Whispering Realty Corporation instructs you to arrive at the net income realized on this operation to date. (Do not round intermediate calculations. Round final answer to 0 decimal places, e.g. 5,845.)

a. If Elixir Company was able to sell all the lots except for 15 lots of Class C, how much is the cost of sales to be recognized for the year? b. What amount should be allocated as total cost of Class B lots under the Relative Sales Price method?

Doran Realty Company purchased a plot of ground for P800, 000 and spent P2, 100, 000 in developing it for building lots. The lots were classified int Midland, and Lowland grades, to sell at P100, 000, P75, 000, and P50, 000 each, respectively. Complete the table below to allocate the cost of the lots using a relative sales value method. Grade No. of Lots Selling Price Total Revenue % of Total Sales Apportioned Cost Total Per Lot Highland 20 Midland 40 Lowland 100 Total 160

residential lots at a cost of P43,500,000. Problem 11-14 (AICPA Adapted) Landmark Company purchased a tract of unimproved land for P26,850,000. The land was improved and subdivided into in location were offered for sale at different prices as follows: Problem 11-14 (AICPA Adapted) A These lots were all of the same size but owing to differences a location were offered for sale at different prices as follows: Group 000 No. of lots Sales price per lot 20 3,000,000 2,500,000 2,000,000 10 10 Lots unsold at the end of the year are: Group 1 Group 2 Gróup 3 5 lots 4 lots 3 lots Required: Compute the cost of unsold lots at the end of the year. 123

Larsen Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $30,000. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows. Operating expenses allocated to this project total $18,200. Group 1 2 3 No. of Lots 9 15 19 Group # of lots 9 1 2 15 3 19 Instructions: Using the charts below calculate the net income realized on this operation to date. Relative Sales Value Chart - Cost per Lot Group Lots Sold 1 2 3 Price per Lot $ 3,000 4,000 2,000 Account Price Per Lot $3,000 4,000 2,000 Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income Relative Sales Value Chart - Cost of Goods Sold Allocation Selling Price Per Lot Lots Unsold at Year-End 5 7 2 $3,000 4,000 Total Revenue Relative Sales Value Chart - Net Income Calculation Amount Total Sales Relative Sales Price Cost per Lot Total Cost Cost Allocated…

Land and a building on the land are purchased for $310,000. The appraised values of the land and building are $66,000 and $264,000, respectively. The cost allocated to the building should be: a. $25,200 b. $109,800 c. $135,000 d. $248,000