Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated
Question:
Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $900,000. The contract price was $1,300,000. Costs of the contract for 2017, the first year, totaled $675,000.
a. What was the gross profit reported by the percentage of completion method for 2017?
b. After the contract was completed at the end of 2018 at a total cost of $950,000, what was the gross profit reported by the percentage of completion method for 2018?
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Related Book For
South-Western Federal Taxation 2019 Comprehensive
ISBN: 9781337703017
42th Edition
Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young
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