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Question - BOSS Construction Company has entered into a contract beginning January 1, 2019, to build a parking complex. It has been estimated that the complex will cost $1,500,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $2,250,000. The following data pertain to the construction period.
2019
2020
2021
Costs to date
$675,000
$1,125,000
$1,525,000
Estimated costs to complete
825,000
375,000
0
Progress billings to date
675,000
1,375,000
2,250,000
Cash collected to date
600,000
1,250,000
Instructions -
a. Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period.
b. Using the cost-recovery method, compute the estimated gross profit that would be recognized during each year of the construction period.
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