Question: complex will cost $594,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data
complex will cost $594,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress bilings to date Cash collected to date 2020 2021 2022 $255,420 $433 620 $604,000 338,580 160,380 -- 271,000 547,000 901,000 241.000 497,000 901.000 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period of onwer is please enter Do not have any Gross prot recognized in 2020$ Gross protected in 20215 Gross protected in 2022 5 oluring the completed contract method compute the estimated gross profit period of awer is one entro De notave any fields or Cross proth recognized in 2020 s Gross proth recognised in 2025 s Grootrec 20325 command Option command
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