Question: Star Construction Corp. has a contract to construct a building for $ 1 0 , 8 6 8 , 9 0 0 . The building
Star Construction Corp. has a contract to construct a building for $ The building is controlled by the customer throughout
the term of the contract. Total costs to complete the building were originally estimated at $ Construction commenced on
February Actual costs were in line with estimated costs for and In actual costs exceeded estimated costs by
$
Total construction costs incurred in each year were as follows:
Billings and cash collections each year were as follows:
Required:
Calculate the revenues and gross profit for the construction project for each of the three years assuming the company uses inputs to
measure progress. Round intermediate calculations to decimal places. Round final answers to nearest whole dollars.
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