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Tara Inc. began work in 2020 on contract #3814, which provided for a contract price of $4,500,000. Other details follow:
Estimated costs to complete as of December 31
2020 ....... $2,400,000
2021 ...... 0
Billings during the year
2020 ....... $900,000
2021 ....... $3,600,000
Collections during the year
2020 ........ $600,000
2021 ........ $3,900,000
Costs incurred during the year
2020 ...... $800,000
2021 ....... $2,425,000
Assume that Tara uses the percentage-of-completion method of accounting.
REQUIRED:
Problem 1: Calculate the portion of the total gross profit to be recognized as income in 2020.
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