|(Relative Sales Value Method) Phil Collins|
Realty Corporation purchased a tract of unimproved land
|$55,000||. This land was improved and subdivided into|
building lots at an additional cost of
|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|
|Operating expenses for the year allocated to this|
|$18,200||Lots unsold at the year-end|
|Group||No. of Lots|
|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|
price as %
|Cost total||Cost allocated|
|Cost per lot|
|Group||No. of Lots||Price|
|Total selling price||Cost per lot||Extended|
|Sales (see schedule)||Amount|
|Cost of goods sold (see schedule)||Amount|
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