Landmark Company purchased a tract of unimproved land for P26,850,000. The land was improved and subdivided into residential lots at a cost of P43,500,000. These 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 Sales price per lot 20 3,000,000 2,500,000 2,000,000 10 10 Lots unsold at the end of the year are: Group 1 Group 2 Gróup 3 5 lots 4 lots 3 lots Required: Compute the çost of unsold lots at the end of the year. 123

Landmark Company purchased a tract of unimproved land for P26,850,000. The land was improved and subdivided into residential lots at a cost of P43,500,000. These 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 Sales price per lot 20 3,000,000 2,500,000 2,000,000 10 10 Lots unsold at the end of the year are: Group 1 Group 2 Gróup 3 5 lots 4 lots 3 lots Required: Compute the çost of unsold lots at the end of the year. 123

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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