Determine the estimated total gross profit on the project

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Reference no: EM133127916

Questions -

Q1. On July 1, 2026, Behalf Construction Corporation contracted to build an office building for Bewhole Inc. for a total contract price of 975,000.

 

2016

2017

2018

Contract cost incurred to date

75,000

600,000

1,050,000

Estimated cost to complete

675000

400,000

-

Billings to Bewhole Inc.

150,000

550,000

275,000

Under the percentage of completion method, how much is the realized gross profit/(loss) at December 31, 2018?

a. (50,000)

b. (75,000)

c. (100,000)

d. (25,000)

Q2. You determined the following information from a certain P2,000,000 fixed-price construction contract:

 

2026

2027

2028

Gross profit (loss) each year

50,000

175,000

(25,000)

Costs incurred each year

450,000

?

1,025,000

Determine the estimated total gross profit on the project as of 12/31/2027

a.450,000

b. 550,000

c.400,000

d.225,000

Reference no: EM133127916

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