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Complete to allocate the cost of the lots

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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, Midland, and Lowland grades, to sell at P100, 000, P75, 000, and P50, 000 each, respectively.

Question 1: Complete the table below to allocate the cost of the lots using a relative sales value method.

Grade

No. of Lots

Selling Price

Total Revenue

% of Total Sales

Apportioned Cost

Total

Per Lot

Highland               20

Midland                 40

Lowland                100

Total                   160

Reference no: EM132566178

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