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(Solution Download) (Relative Sales Value Method) Phil Collins Realty Corporation purchased a tract of unimproved land f


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Relative Sales Value Method) Phil Collins

 

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

$34,460
These building lots were all of the

 

same size but owing to differences in location were offered for

 

sale at different prices as follows.

GroupNo. of LotsPrice per Lot
19$3,000
215$4,000
317$2,400
Operating expenses for the year allocated to this

 

project total

$18,200Lots unsold at the year-end
as follows:
GroupNo. of Lots
15
27
32
Instructions:
At the end of the fiscal year Phil

 

Collins Realty Corporation instructs you to arrive at the net

 

income realized on this operation to date.

GroupNo. of lotsSales price

 

per lot

Total

 

sales price

Relative sales

 

price as %

Cost totalCost allocated

 

to lots

Cost per lot
1NumberAmountAmountFormulaAmountFormulaFormula
2NumberAmountAmountFormulaAmountFormulaFormula
3NumberAmountAmountFormulaAmountFormulaFormula
FormulaFormulaFormula
Lots Sold
GroupNo. of LotsPrice

 

per lot

Total selling priceCost per lotExtended

 

cost

Gross Profit
1NumberAmountFormulaAmountFormulaFormula
2NumberAmountFormulaAmountFormulaFormula
3NumberAmountFormulaAmountFormulaFormula
FormulaFormulaFormulaFormula
Sales (see schedule)Amount
Cost of goods sold (see schedule)Amount
Gross profitFormula
Operating expensesAmount
Net incomeFormula

 


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