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Determine the gross profit

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Reference no: EM13506098

In the year 2012, Utica Construction Company contracted to build a warehouse for $6,000,000. Data relating to the contract are as follows:

2012 2013

Costs incurred during the year $1,000,000 $3,000,000
Estimated costs to complete as of year end $3,000,000 -
Billings during the year $3,000,000 $3,000,000
Cash collections during the year $2,500,000 $3,500,000

Determine the gross profit that Utica Construction should recognize in both 2012 and 2013 using

i) the completed contract method

Reference no: EM13506098

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