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Determine the average cost per lot

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Question: Tidy Home Properties is developing a subdivision that includes 300 home lots. The 225 lots in the Garden section are below a ridge and do not have views of the neighboring gardens and hills; the 75 lots in the Premier section offer unobstructed views. The expected selling price for each Garden lot is $50,000 and for each Premier lot is $100,000. The developer acquired the land for $2,500,000 and spent another $2,000,000 on street and utilities improvements. Assign the joint land and improvement costs to the lots using the value basis of allocation and determine the average cost per lot.

Reference no: EM131538806

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