In fiscal 2014 lvanjoh Realty Corporation purchased unimproved land for
In fiscal 2014, lvanjoh Realty Corporation purchased unimproved land for $55,000. The land was improved and subdivided into building lots at an additional cost of $34,460. These building lots were all the same size but, because of differences in location, were offered for sale at different prices as follows:
Operating expenses that were allocated to this project totalled $18,200 for the year. At year end, there were also unsold lots remaining, as follows:
Group 1........ 5 lots
Group 2........ 7 lots
Group 3........ 2 lots
Determine the year-end inventory and net income of lvanjoh Realty Corporation. Round all amounts to the nearest dollar. Ignore income taxes.
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