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Johnson Realty bought a 2,000- hectare island for $10,000,000 and divided it into 200 equal size lots. As the lots are sold, they are cleared at an average cost of $5,000. Storm drains and driveways are installed at an average cost of $8,000 per site. Sales commissions are 10% of selling price. Administrative costs are $850,000 per year.The average selling price was $160,000 per lot during 2009 when 50 lots were sold. During 2010, the company bought another 2,000 - hectare island and developed it exactly the same way. Lot sales in 2010 totalled 300 with an average selling price of $160,000. All costs were the same as in 2009.
Required: Prepare income statements for both years using both absorption and variable costing methods.
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For this activity you will be working in your groups during the Pod session in week 3. There is an individual task which must be completed and submitted by the beginning of the second Pod session in week 4.
1. prepare the j entries for traditional and backflush costing. for backflush costing assume there are 2 trigger points
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