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Determine the year-end inventory and net income of Riverbed Realty. Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, eg 5,275) Year-end inventory Net income/(Loss) $

Determine the year-end inventory and net income of Riverbed Realty. Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, eg 5,275) Year-end inventory Net income/(Loss) $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress In fiscal 2023, Riverbed Realty Corporation purchased unimproved land for $55,600. The land was improved and subdivided into building lots at an additional cost of $35,800. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: Group 1 2 3 Number of Lots 18 20 Price per Lot $3,440 4,360 2,510 Operating expenses that were allocated to this project totalled $18,800 for the year. At year end, there were also unsold lots remaining, as follows:
Transcribed Image Text:Current Attempt in Progress In fiscal 2023, Riverbed Realty Corporation purchased unimproved land for $55,600. The land was improved and subdivided into building lots at an additional cost of $35,800. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows: Group 1 2 3 Number of Lots 18 20 Price per Lot $3,440 4,360 2,510 Operating expenses that were allocated to this project totalled $18,800 for the year. At year end, there were also unsold lots remaining, as follows:
Operating expenses that were allocated to this project totalled $18,800 for the year. At year end, there were also unsold lots remaining, as follows: Group 1 Group 2 Group 3 5 lots 6 lots 3 lots Determine the year-end inventory and net income of Riverbed Realty. Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, eg. 5,275.) Year-end inventory Net income/(Loss) $ $
Transcribed Image Text:Operating expenses that were allocated to this project totalled $18,800 for the year. At year end, there were also unsold lots remaining, as follows: Group 1 Group 2 Group 3 5 lots 6 lots 3 lots Determine the year-end inventory and net income of Riverbed Realty. Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, eg. 5,275.) Year-end inventory Net income/(Loss) $ $
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