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Question - Wildhorse Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $615,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,005,000. The following data pertain to the construction period.
2020
2021
2022
Costs to date
$276,750
$461,250
$625,000
Estimated costs to complete
338,250
153,750
0
Progress billings to date (non-refundable)
276,750
565,000
1,005,000
Cash collected to date
246,750
515,000
Required -
1. Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period.
2. Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period.
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