Question 3 Ivanhoe Construction Co uses the percentage of completion method In 2021, Ivanhoe began work on a contract for $10000000 and it was completed in 2022 Data on the costs are Year Ended December 31 2021 2022 Costs incurred $3750000 $2700000 Estimated costs to complete 2500000 0 For the years 2021 and 2022, Ivanhoe should recognize gross profit of 2021 2022 $0 $3550000 $2130000 $1420000 $2250000 $1300000 $2250000 $3550000

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Question: Question 3 Ivanhoe Construction Co. uses the percentage-of-completion method. In 2021, Ivanhoe began work on a contract for $10000000 and it was completed in 2022.

Question 3

Ivanhoe Construction Co. uses the percentage-of-completion method. In 2021, Ivanhoe began work on a contract for $10000000 and it was completed in 2022. Data on the costs are:

	Year Ended December 31
	2021	2022
Costs incurred	$3750000	$2700000
Estimated costs to complete	2500000	0

For the years 2021 and 2022, Ivanhoe should recognize gross profit of 2021 2022

Question 3 Ivanhoe Construction Co. uses the percentage-of-completion method. In 2021, Ivanhoe

$3550000

$2130000

$1420000

$2250000

$1300000

$2250000

$3550000

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