Christopher Realty purchased a tract of unimproved land for $1,050,000. This land was improved and subdivided into residential lots at an additional cost of $500,000 which was completed on December 31, 2021. These building lots were all of the same size but owing to differences in location were offered for sale at different prices as follows.

Lot type No. of Lots Price per Lot Lots sold in 2022

Lake 30 $50,000 10

Forest 70 40,000 48

1. Compute the cost per lot for each type of lot and calculate the value of ending inventory as of December 31, 2022.
2. Compute the Cost of Goods Sold Christopher would have for 2022.