In 2018, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000 Data for each year of the contract are as follows 2018 2019 2020 Costs incurred during the year $238,000 $319,600 $105,000 Estimated costs to complete 357,000 139,400 0 Partial billings 260...

Answer Gross profit Recognised in year 2018 is 102000 Explanation percentage of completion Cost incu ...

In 2018, Omega Construction began work on a contract with a price of $850,000 and estimated costs

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In 2018, Omega Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows:

2018	2019	2020
Costs incurred during the year	$238,000	$319,600	$105,000
Estimated costs to complete	357,000	139,400	-0-
Partial billings	260,000	210,000	380,000
Collections	240,000	200,000	410,000