Question: Question 9 2 pts DEV has a contract to build a building for $120,000 with an estimated time to completion of three years. A reliable

 Question 9 2 pts DEV has a contract to build a

Question 9 2 pts DEV has a contract to build a building for $120,000 with an estimated time to completion of three years. A reliable cost estimate for the project is $75.000. In the first year of the project, DEV incurred costs totaling $30,000. In the second year, they incurred costs of $15,000. They finish the project in the third year. How much profit should DEV report at the end of the second year under the percentage of completion method and completed contract method? DEV should report $9.000 under the percentage of completion method and SO under the completed contract method. No answer text provided DEV should report $9.000 under the percentage of completion method and $45.000 under the completed contract method, DEV should report $27.000 under the percentage of completion method and $27.000 under the completed contract method. Previous

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!