## (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. Group No. of Lots Price per Lot 1 9 \$3,000 2 15 \$4,000 3 17 \$2,400 Operating expenses for the year allocated to this project total \$18,200 Lots unsold at the year-end as follows: Group No. of Lots 1 5 2 7 3 2 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. Group No. of lots Sales price per lot Total sales price Relative sales price as % Cost total Cost allocated to lots Cost per lot 1 Number Amount Amount Formula Amount Formula Formula 2 Number Amount Amount Formula Amount Formula Formula 3 Number Amount Amount Formula Amount Formula Formula Formula Formula Formula Lots Sold Group No. of Lots Price per lot Total selling price Cost per lot Extended cost Gross Profit 1 Number Amount Formula Amount Formula Formula 2 Number Amount Formula Amount Formula Formula 3 Number Amount Formula Amount Formula Formula Formula Formula Formula Formula Sales (see schedule) Amount Cost of goods sold (see schedule) Amount Gross profit Formula Operating expenses Amount Net income Formula

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Dec 08, 2020

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