Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with both questions Pleasant Hills Properties is developing a golf course subdivision that includes 225 home lots; 100 lots are golf course lots

Need help with both questions
image text in transcribed
image text in transcribed
Pleasant Hills Properties is developing a golf course subdivision that includes 225 home lots; 100 lots are golf course lots and will sell for $99,000 each; 125 are street frontage lots and will sell for $69.000. The developer acquired the land for $1,840,000 and spent another $1,440,000 on street and utilities improvement Compute the amount of joint cost to be allocated to the golf course lots using value basis. Multiple Choice $1,607,200 $1,804,640 $1.448,800 $2,045,640 $1,528,480 A lumber mill bought a shipment of logs for $42,000. When cut, the logs produced 1,000,000 board feet of lumber in the following grades. Compute the cost to be allocated to Type 1 and Type 2 lumber, respectively, if the value basis is used. (Do not round your intermediate calculations.) Type 1 - 400,000 board feet priced to sell at $0.12 per board foot Type 2 - 400,000 board feet priced to sell at $0.06 per board foot Type 3 - 200,000 board feet priced to sell at $0.04 per board foot Multiple Choice $42.000, $24,000 $16,000 $16,000 $24,000. $8,000. $25,200: $12,600. $10,944 $4,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Changing Face Of American BankingDeregulation, Reregulation, And The Global Financial System

Authors: Ranajoy Ray Chaudhuri

3rd Edition

1137365811, 9781137365811

More Books

Students also viewed these Accounting questions

Question

What is a tax avoidance transaction?

Answered: 1 week ago

Question

What is the difference between persistence and self-determination?

Answered: 1 week ago

Question

How appropriate would it be to conduct additional research?

Answered: 1 week ago

Question

Who are credible sources and opinion leaders for this public?

Answered: 1 week ago

Question

How does or how might your organization affect this public?

Answered: 1 week ago