Question: Exercise 18-34 (Algorithmic) (LO. 5) Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of

Exercise 18-34 (Algorithmic) (LO. 5) Shumpert, Inc., entered into a contract that

Exercise 18-34 (Algorithmic) (LO. 5) Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $1,646,400. The contract price was $2,304,960. Costs of the contract for 2021, the first year, totaled $1,234,800. If required, round any division to two decimal places and round your final answers to the nearest dollar. $ What was the gross profit reported by the percentage of completion method for 2021? b. After the contract was completed at the end of 2022 at a total cost of $1,728,720, what was the gross profit reported by the percentage of completion method for 2022?

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