How much is the balance of the assets account production

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Reference no: EM132692036

B&B Contractors began a contract to build a new student union on the UTD Campus during Year 1 for $910,000. Information concerning the project follows:

                                                        Year 1                      Year 2                       Year 3
Percentage of work completed        25%               35%                  40%
Costs incurred during the year         $172,000             $348,000               $150,000
Progress billings during the year         160,000               360,000            380,000
Cash collected during the year            130,000        340,000 430,000

Problem 1: At the end of Year 1, how much is the balance of the assets account Production-in-Progress if B&B Contractors uses the percentage of completion method?

A. $ 22,000
B. $150,000
C. $172,000
D. $ 4,500

Reference no: EM132692036

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