Toms River Developers purchased land for $1 million that can be divided into 800 lots.
These lots are of different sizes and shapes and are sorted into three groups: A, B, and C.
Calculate the cost per lot utilizing the relative sales value method from the information below.
Lots Number of Lots Sales Price Per Lot
A 200 $5,000
B 200 $3,000
C 400 $2,250
Relative sales value methods are determined for different size and shape lots. The cost per lot utilizing the relative sales value method is determined.