CAN YOU PLEASE SHOW WORK ON #4....THANK YOU.

4.Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2022, are presented below: Contract price $ 450,000 Contract cost: 2021 (180,000 ) 2022 (195,000 ) Gross profit: 75,000 Estimated cost to complete on the last day of each fiscal year is given below: 12/31/2020 $ 180,000 12/31/2021 0 What is the amount of gross profit that the firm recognizes for the year of 2021? Group of answer choices a. $42,000 b.$6,000 c.$45,000 d.$39,000 1.Dolby Inc. receives a purchase order for 100 widgets from their customer, Surround Co. on Oct 1st. On Oct 5th, Dolby Inc. ships out the widgets FOB shipping point and invoices Surround Co. On Oct 7th, the widgets arrive. Surround Co. pays Dolby Inc. on Oct 20th. Existing credit terms dictate that Dolby Inc. has 30 days from the date of invoice to pay off the entire purchase price and all cancelled purchases are subject to a 10% (of purchase price) penalty. From an accounting standpoint what is the earliest date on which a contract existed between Dolby Inc. and Surround Co.? Group of answer choices a. Oct 1st b. Oct 5th C. Oct 7th d. Oct 20th 2.Percentage of completion of a long-term contract cannot be determined by: Group of answer choices a. Dividing billings to date by total expected billings. b. Dividing costs incurred to date by estimated total costs. C. Dividing number of units produced by total production number specified in contract. d. Dividing tonnage of raw materials used by estimated total tonnage of raw materials required. 3.Which of the following statements is not true for a contract with multiple performance obligations? Group of answer choices a. Revenue is always recognized for the whole contract at a single point in time after all performance obligations are fulfilled. b. There may be different types of revenues bundled together on one single CO C. The amount of revenue allocated to each performance obligation depends on the relative retail values of each PO. d. The bundle price may be higher than total retail price of each individual performance obligation