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(Solved) Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to...


4.

Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

   
  2016 2017 2018
  Cost incurred during the year $ 2,610,000   $ 3,850,000   $ 3,250,000  
  Estimated costs to complete as of year-end   6,390,000     3,150,000     0  

***contract price is 10 million

REVENUE:

GROSS PROFIT:


Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

   
  2016 2017 2018
  Cost incurred during the year $ 2,610,000   $ 3,850,000   $ 4,050,000  
  Estimated costs to complete as of year-end   6,390,000     4,200,000     0  

  ***contract price is 10 million

REVENUE:
GROSS PROFIT:


 


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