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LONG-TERM CONTRACT; PERCENTAGE OF COMPLETION, COMPLETED CONTRACT AND COST RECOVERY METHODS.On June 15, 2011, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C. for $220 million. The expected completion date is April 1 of 2013, just in time for the 2013 baseball season. Cost incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions):
2011 2012 2013Cost incurred during the year $40 $80 $50Estimated cost to complete as of 12/31 120 60 ---
Required:1- Determine the amount of gross profit or loss to be recognized in each of the three years using percentage of completion method.2- How much revenue will San report in its 2011 and 2012 income statement related to this contract using the percentage-of completion method?3- Determine the amount of gross profit or loss to be recognized in each of the three years using completed contract method.4- Determine the amount of revenue, cost and gross profit or loss to be recognized in each of the three years under IFRS, assuming that using the percentage-of completion method is not appropriate.5- Suppose the estimated costs to complete at the end of 2012 are $80 million instead of $60 million. Determine the amount of gross profit or loss to recognized in 2012 using the percentage-of completion method.
In the following calculations that involve variances, indicate whether a variance is favorable (F) or unfavorable (U) and determine the direct labor rate variance and the direct labor efficiency variance for the year.
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