Ch 22 Homework 0 Saved 13 References Home Properties is developing a subdivision that includes 340 home lots. The 240 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the 100 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $46,000 and for each Hilltop lot is $94,000. The developer acquired the land for $2,100,000 and spent another $3,400,000 on street and utilities improvements Assign the joint land and improvement costs of $5,500,000 to the Canyon section and the Hilltop section using the value basis of allocation. (Do not round your intermediate calculations.) . % of Sales - ___ - Ch 22 Homework 0 Saved 14 References A dairy company processed raw milk for $61,000. This raw milk can be converted into the following types of milk with listed sales values. Joint Products sales Value Whole milk $ 26,000 2% milk 41,600 Skim milk 36,400 Total $ 104,000 Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each type of milk. Wholemnk __ __