https.edugen wileyplus.com t/mainfr uni Kieso, Intermediate Accounting, 16e ACCT
ID: 2513036 • Letter: H
Question
https.edugen wileyplus.com t/mainfr uni Kieso, Intermediate Accounting, 16e ACCT 3121-002 Gradebeok ORION Dewnleadable eTextbeolk Exercise 99 Martinez Realty Corporation purchesed a tract of unimproved land for $53,000. This lend was ots were all of the same size but owing to ifferences in ecation were offered for sale at difterent prices as 3,600 3,360 Operating expenses for the year alocabed to this preject otal $18,000 Lots unsold at the year end ware as follows Group 1 Group 2 Group 3 net income 1.33 5 9Explanation / Answer
Net income is $ 41,351
Grp
No of Lot
Sales price
Total sales price
Relative sales price as %
Cost total
Cost allocated
Cost per lot
1
8
4200
33600
19%
83000
15770
1971
2
15
5600
84000
47%
83000
39010
2601
3
18
3360
60480
34%
83000
28220
1568
178080
Grp
No of Lot
Sales price
Total sales price
Cost per unit
Extended cost
Gross profit
1
3
4200
12600
1971
5913
6687
2
8
5600
44800
2601
20808
23992
3
16
3360
53760
1568
25088
28672
111160
51809
59351
Calculation of Net Income
Sales revenue (from schedule) $1,11,160
Cost of goods sold (from schedule) $51,809
Gross profit $59,351
Operating expenses $18.000
Net income $41,351
Grp
No of Lot
Sales price
Total sales price
Relative sales price as %
Cost total
Cost allocated
Cost per lot
1
8
4200
33600
19%
83000
15770
1971
2
15
5600
84000
47%
83000
39010
2601
3
18
3360
60480
34%
83000
28220
1568
178080
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