In fiscal 2017, Ivanjoh 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
Instructions
Determine the year-end inventory and net income of Ivanjoh Realty Corporation. Round all amounts to the nearest dollar. Ignore income taxes.

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Group Number of Lots Price per Lot 2 15 17 4,500 2,400