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Compute the amount of gross profit recognized

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Reference no: EM132815236

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,810,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below:

                                                               2020                        2021

Costs incurred during the year        $447,000            $1,110,000

Estimated costs to complete         1,043,000                 0

Billings during the year                     405,000                1,405,000

Cash collections during the year        305,000            1,505,000

Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.

Required:

Problem 1: Compute the amount of gross profit recognized during 2020 and 2021.

Reference no: EM132815236

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