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Calculate the amount of revenue and gross profit

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Question - In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows:

2021 2022 2023

Cost incurred during the year: $2,580,000 $4,042,000 $2,175,800

Est. costs- complete for year-end: 6,020,000 1,978,000 $0

Billings during the year 2,060,000 4,562,000 3,378,000

Cash collections during the year: 1,830,000 4,200,000 3,970,000

Westgate recognizes revenue over time according to percentage of completion.

Required - Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.

Reference no: EM132662642

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