In fiscal 2023, Swifty Realty Corporation purchased unimproved land for $57,000. The land was improved and subdivided into building lots at an additional cost of $35,100. 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 Group 1 Group 2 Group 3 10 16 24 5 lots Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots remaining, as follows: 7 lots 4 lots Year-end inventory $ Price per Lot $3,410 Net income/(Loss) 4,400 Determine the year-end inventory and net income of Swifty Realty. Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) $ 2,350 RAMON 29472 49500

In fiscal 2023, Swifty Realty Corporation purchased unimproved land for $57,000. The land was improved and subdivided into building lots at an additional cost of $35,100. 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 Group 1 Group 2 Group 3 10 16 24 5 lots Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots remaining, as follows: 7 lots 4 lots Year-end inventory $ Price per Lot $3,410 Net income/(Loss) 4,400 Determine the year-end inventory and net income of Swifty Realty. Ignore income taxes. (Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) $ 2,350 RAMON 29472 49500

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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