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Calculate the amount of revenue and gross profit

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Question - Southtel is a builder of large digital networks. The company bid and won a $48,000,000 contract to build a network for the country of Elbonia. Details on the project over the last three years are as follows: Year 1 Year 2 Year 3 Cumulative costs incurred 16,500 36,000 54,000 Additional costs to estimated at year end 49,500 12,000 0 Amounts invoiced to customer in the year 13,500 26,000 21,000 Cash collected in the year from the customer 10,500 25,000 12,500.

Required - Calculate the amount of revenue, cost of goods sold (COGS), and gross profit (or loss) to be recognized in each of the three years. The company uses the percentage of completion method to account for long-term contracts.

Reference no: EM132738389

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