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How much gross profit should Newberg report

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Reference no: EM132890221

Problem - Long-Term Contracts - Newberg Construction Corp. contracted to construct a building for $400,000. Construction began in 2019 and was completed in 2020. Data relating to the contract are as follows:

 

Year Ended December 31,

 

2019

2020

Costs incurred

$200,000

$110,000

Estimated costs to complete

100,000

--

Newberg determined that its performance obligation was satisfied over time.

Required - For the years ended December 31, 2019 and 2020, respectively, how much gross profit should Newberg report?

Reference no: EM132890221

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