CALCULATOR HESSAGE MY ENSTRUCTOR FULL SCREEN Exercise 9-9 Your answer is incorre

Question

CALCULATOR HESSAGE MY ENSTRUCTOR FULL SCREEN Exercise 9-9 Your answer is incorrect. Try again. Metlock Realty Corporation purchased a tract of unimproved land for $53,000. This land was improved and su location were offered for sale at different prices as follows bdivided into building lots at an additional cost of $27,000. These building lots were all of the same size but owing to differences Group No. of Lots Price per Lot $4,800 6,400 3,840 17 18 Operating expenses for the year allocated to this project total $16,000. Lots unsold at the year end were as follows Group 1 Group 2 Group 3 5 lots 7 lots 2 lots Round ratios for cor putat r alpa oses to 4 dec mal peces e 78 7234% aedt alans er to a At the end o the scal year Metlock Realty Corporation instructs you to am e at the net income realized on this operation to date decimal places, e.g. 5,845.) Net income Click if you would like to Show Work for this question: Open Show.Wwark TO TEXT Mersion 42 here to search

Explanation / Answer

Group No. of lots N Sales price per lot S Total sales price N*S % proportinate to sales Total cost T (53000+27000) Cost allocated A=%*T Cost per lot A/N 1 9 $4,800 $43,200 19.5369 80000 15630 1736.614 2 17 6400 $108,800 49.2041 80000 39363 2315.485 3 18 3840 $69,120 31.2590 80000 25007 1389.291 Total $221,120 Now the lots sold Group No. of lots N Sales price per lot S Total sales price N*S Cost per lot A/N Total cost of lot sold T=N*C Net incomeS-T 1 5 $4,800 $24,000 1736.614 8683 $15,317 2 7 6400 $44,800 2315.485 16208 $28,592 3 2 3840 $7,680 1389.291 2779 $4,901 Total $76,480 $48,810 Net Income $48,810 If any doubt please comment

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