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What was the gross profit reported

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Problem - Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $900,000. The contract price was $1,300,000. Costs of the contract for 2018, the first year, totaled $675,000.

Required -

a. What was the gross profit reported by the percentage of completion method for 2018?

b. After the contract was completed at the end of 2019 at a total cost of $950,000, what was the gross profit reported by the percentage of completion method for 2019?

Reference no: EM132660632

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