Problem 11-24 (PHILCPA Adapted) Elixir Company bought a 10-hectare land in Novalichos to be improved, aubdivided into lots and eventually sold. The purchase price of the land was P5,800,000, Taxes and documentation expenses on the tranafer of the property amounted to P80,000. Lot elass Number of lots Selling price per lot Totalolearing e 10 Noce 100 000 300.000 800,000 100,000 80.000 B 20 40 70,000 60,000 60 What amount ahould be allocated as total cost of ClaasB no under the relative sales price method? a 1,170.000 b. 1.220.000 1,276,000 1,700,000

Problem 11-24 (PHILCPA Adapted) Elixir Company bought a 10-hectare land in Novalichos to be improved, aubdivided into lots and eventually sold. The purchase price of the land was P5,800,000, Taxes and documentation expenses on the tranafer of the property amounted to P80,000. Lot elass Number of lots Selling price per lot Totalolearing e 10 Noce 100 000 300.000 800,000 100,000 80.000 B 20 40 70,000 60,000 60 What amount ahould be allocated as total cost of ClaasB no under the relative sales price method? a 1,170.000 b. 1.220.000 1,276,000 1,700,000

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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