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Determine the amount of construction costs incurred

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Question - P. Willingham Construction Company uses the percentage-of-completion method. During 2007, the company entered into a fixed-price contract to construct a building for Richman Company for $30,000,000. The following details pertain to the contract:

 

At December 31, 2007

At December 31, 2008

Percentage of completion

25%

60%

Estimated total cost of contract

$22,500,000

$25,000,000

Gross profit recognized to date

1,875,000

3,000,000

Required - Determine the amount of construction costs incurred during 2008?

Reference no: EM133098519

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