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Question - Kari Construction Company is engaged in a road construction contract to build a highway over a? three-year period. Karl will receive $7,100,000 for building five miles of highway. Karl estimates that it will incur $5,000,000 of costs before the contract is completed. As of the end of the first year Karl incurred $1,500,000 of costs allocated to the contract.
Required -
a. How much income from the contract must Karl report during the first? year?
b. Assume Karl incurs an additional $2,500,000 of costs during the second year. How much income is reported during that? year?
c. Assume that Karl incurs an additional $1,400,000 of costs in the third and final year of the contract. How much does Karl report during the third? year?
d. Will Karl receive or pay? look-back interest? Explain.
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a. Given the following graphs, calculate the total fixed costs, variable costs per unit, and sales price for Firm A. Firm B's fixed costs are $120,000, its variable costs per unit are $4, and its sales price is $8 per unit.
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