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Doran Realty Company purchased a plot of ground for P800,000 and spent P2,100,000 in developing it for building lots. The lots were classified into Highland,

Doran Realty Company purchased a plot of ground for P800,000 and spent P2,100,000 in developing it for building lots. The lots were classified into Highland, Midland, and Lowland grades, to sell at P100,000, P75,000, and P50,000 each, respectively.

Instructions

Complete the table below to allocate the cost of the lots using a relative sales value method.

No. ofSellingTotal% ofApportioned Cost

GradeLotsPriceRevenueTotal SalesTotalPer Lot

Highland20PPPP

Midland40PP

Lowland100PP

160PP

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