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Question - Schreiber Construction Inc. was awarded a contract to build a condominium complex in a suburb of Calgary at a total contract price of $9,990,100.
Schreiber began construction on June 7, 2021. Management of Schreiber estimates that the complex will be finished by August 31, 2023.
The following data pertain to the construction period:
2021
2022
2023
Costs for the year
$1,749,000
$1,598,000
$3,283,700
Estimated costs to complete
4,861,100
3,263,100
0
Progress billings for the year
2,497,600
2,671,300
4,821,200
Cash collected during the year
2,250,000
2,651,800
4,089,100
Assume that Schreiber Construction uses the percentage of completion method and the cost-to-cost basis to account for its long-term construction projects.
Required -
1. Calculate the gross profit that should be recognized for the 2021, 2022 and 2023 years.
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