Question: Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price $ 450,000 Contract cost: 2020 (180,000

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:

Bid price

$

450,000

Contract cost:

2020

(180,000

)

2021

(195,000

)

Gross profit:

75,000

Estimated cost to complete:

12/31/2020

$

200,000

12/31/2021

0

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