The phrase "cost lot" is a combination of two common words that are pronounced as one. In IPA phonetic transcription, it is represented as /kɒst lɒt/. The word "cost" is pronounced with a short "o" sound and is followed by the word "lot" which has a vocalic "o" sound. This pronunciation can be confusing for non-native speakers, as it requires familiarity with both British and American English phonetics. However, with practice, it becomes easier to spell and pronounce this combination accurately.