Question: Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2013, are presented below: Bid price $450,000 Contract cost: 2012 (180,000) 2013

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2013, are presented below:

Bid price $450,000
Contract cost: 2012 (180,000)
2013 (195,000)
Gross profit: 75,000
Estimated cost to complete:
12/31/2012 $200,000
12/31/2013 0

Assuming BCC used the completed contract method to recognize revenue, what would gross profit have been in 2012 and 2013 (rounded to the nearest thousand)?

2012

2013
a. $36,000 $39,000
b. $30,000 $45,000
c. $70,000 $5,000
d. $0 $75,000

Choice A

Choice B

Choice C

Choice D

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