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Author Question: Johnson Realty bought a 2,000-acre island for $10,000,000 and divided it into 200 equal size lots. ... (Read 33 times)

mpobi80

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on: Mar 6, 2021
Johnson Realty bought a 2,000-acre island for $10,000,000 and divided it into 200 equal size lots.
 As the lots are sold, they are cleared at an average cost of $5,000.
 Storm drains and driveways are installed at an average cost of $8,000 per site.
 Sales commissions are 10% of selling price.
 Administrative costs are $850,000 per year.
The average selling price was $160,000 per lot during 2017 when 50 lots were sold. 

During 2018, the company bought another 2,000-acre island and developed it exactly the same way. Lot sales in 2018 totaled 300 with an average selling price of $160,000. All costs were the same as in 2017. 

Required: 
Prepare income statements for both years using both absorption and variable costing methods.
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by mpobi80 on Mar 6, 2021

mochi09

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Reply #1 on: Mar 6, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mpobi80

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Reply 2 on: Mar 6, 2021
Thanks for the timely response, appreciate it

tandmlomax84

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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