Question
please help me : Items 36 to 38 are based on the following Guinea Company bought a 10-hectare land in Imus, Cavite to be improved,
please help me : Items 36 to 38 are based on the following Guinea Company bought a 10-hectare land in Imus, Cavite to be improved, subdivided into lots and eventually sold. The purchase price of the land was P11,600,000. The company also paid P160,000 for taxes and documentation expenses on the transfer of the property. Lot class Number of lots SP per lot Total clearing cost Jupiter 10 P200,000 P 400,000 Saturn 20 160,000 200,000 Venus 40 140,000 600,000 Mercury 120,000 1,600,000 50 36. Using the relative sales price method, what is the TOTAL cost of Class Saturn lots? 37. If 70% of the lots of EACH lot class is sold during the year, what is the cost of the ending inventory? 38. Assuming that the following lots were sold during the year : 8 Jupiter lots, 14 Saturn lots, 24 Venus lots and 25 Mercury lots, what is the cost of the ending inventory
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started