ACCOUNTING 325 CASE ASSIGNMENT - FALL 2010 DUE NOVEMBER 30 In 2009, Acme Realty Co. purchased a large tract of land for $2.5 million to develop a new...

ACCOUNTING 325CASE ASSIGNMENT - FALL 2010DUE NOVEMBER 30In 2009, Acme Realty Co. purchased a large tract of land for $2.5 million to develop a new subdivision. Acme intends to sale lots and also will build spec houses for sale. During 2010, the company made their first sales related to this subdivision. Acme sold a total of ten lots and two completed houses. Additionally, the company is currently involved in constructing 10 other houses on lots in the subdivision.The controller for Acme is concerned with determining the appropriate cost of each item sold in 2010. Acme has incurred numerous costs related to the subdivision and constructing the two houses that sold. Information on these costs is as follows:•