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In fiscal 2020, Novak Realty Corporation purchased unimproved land for $57,500. The land was improved and subdivided into building lots at an additional cost of

In fiscal 2020, Novak Realty Corporation purchased unimproved land for $57,500. The land was improved and subdivided into building lots at an additional cost of $36,400. These building lots were all the same size but, because of differences in location, were offered for sale at different prices, as follows:

Group No. of Lots Price per Lot

1 8 $3,430

2 18 4,400

3 21 2,490

Operating expenses that were allocated to this project totalled $19,300 for the year. At year end, there were also unsold lots remaining, as follows:

Group 1: 5 lots

Group 2: 6 lots

Group 3: 3 lots

Determine the year-end inventory and net income of Novak Realty Corporation. Ignore income taxes. (Round computations to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places. e.g. 5,275.)

Year-end inventory $

Net income / (Loss) $

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