completed-contract method and percentage-of-completion method

Project Description:

andre agassi construction co began operations january 1, 2008. during the year, agassi entered into a contract with lindsey davenport corp. to construct a manufacturing facility. at the time, agassi estimated that it would take 5 years to complete the facility at a total cost of $4,500,000. the total contract price for construction of the facility is $6,300,000. during the year, agassi incurred $1,185,800 in construction costs related to the construction project. the estimated cost to complete the contract is $6,204,200. lindsey davenport corp. was billed and paid 30% of the contract price.

prepare schedules to compute the amount of gross profit to be recognized for the year ended december 31, 2008, under each of the following methods.

(a) completed-contract method
(b) percentage-of-completion method
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Price Type: Negotiable

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