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Adler Realty Company purchased a plot of ground for $800,000 and spent $2,100,000 in developing it for building lots. The lots were classified into Highland,
Adler Realty Company purchased a plot of ground for $800,000 and spent $2,100,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at $100,000, $75,000, and $50,000 each, respectively. Instructions a) Complete a table below to allocate the cost of the lots using a relative sales value method. Assume that the starting inventory for Highland was 20 lots, Midland 40 lots, and Lowland 100 lots (total 160 lots). b) Make me a wonderful journal entry to record inventory purchased for Highland, Midland, and Lowland lots based on your super table
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