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Heart & Home Properties is developing a subdivision that includes 340 home lots. The 160 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the 180 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $41,000 and for each Hilltop lot is $94,000. The developer acquired the land for $1,500,000 and spent another $2,200,000 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. (Do not round your intermediate calculations.)

Answer is complete but not entirely correct. Market Value Cost to Allocate Allocated Cost Quantity Average Lot Cost Percent of Market Value of Lots %ofMkt Value Numerator Denominator Canyon section |$ 41.000 OS 41,0000$ 135-30.379 1$ 3,700,000 $-23, Hilltop section 00 135,000 1600 160 $ 7,023 18014,313 94,000 69.63% 3,700,000 2,576,297 41,000 $ 135,000 60.00% 3,700,000 Totals