Alpha great construction was best selection to build

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Reference no: EM13588938

Alpha Great Construction was best selection to build Stoddard Temple for the amount of $2,500,000. The projecct brole ground 2010 and was completed in 2011. Below the cost and other data are shown below.

Year 2010 2011

Costs incurred during the year $555,000 1,200,000

Estimated Cost to Complete 1,500,000 0

Billings during the Year 450,000 1,500,000

Cash Collections during the Year 350,000 1,400,000

Alpha Great Constructuon is using the % of completion method to recognize revenue.

Compute the amount of gross profit recognized in 2010 and 2011.

Reference no: EM13588938

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