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Calculate Cyber revenue and gross profit

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Reference no: EM132844339

Question - Cost-to-Cost Method - Cyber Construction Company uses the cost-to-cost method to record revenues and gross profit for all of its projects. Cyber began a three-year project on January 1, 2019. Costs for the project expect to total $2,100,000. Cyber will receive a total of $3,600,000 in revenue for this project.

Data for the project appears below:

 

2019

2020

2021

Costs to date

$840,000

$1,365,000

$2,100,000

Estimated remaining costs

1,260,000

735,000

-

Progress Billings during the year

1,400,000

1,000,000

1,200,000

Cash collected during the year

1,050,000

940,000

1,610,000

Required - Calculate Cyber's revenue and gross profit for each of the three years.

Reference no: EM132844339

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