XYZ Corp recorded the following Journal Entry in $2019$:

$$

CIP$28,000$

Construction Expenses$132,000$

$$ Revenue$160,000$

$$

The project is $45\%$ complete as of December $31$st$,2019.$ The project was $25\%$ complete as of December $31$st$,2018.$ XYZ currently believes the project's lifetime gross profit will equal $$130,000.$

$1)$ What is the total sales price of the project?

$2)$ What was the credit to revenue in $2018?$

$3)$What did XYZ think the lifetime gross profit would be as of December $31$st$,2018?$

Answer rating: 100% (QA)

To calculate the total sales price of the project we need to determine the total construction expens... View the full answer