Beck Company has inventory of $776,000 in its stores as of December 31. It also...
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Beck Company has inventory of $776,000 in its stores as of December 31. It also has two shipments in - transit that left the suppliers' warehouses by December 28. Both shipments are expected to arrive on January 5. The first shipment of $210,000 was sold f.o.b. destination and the second shipment of $105,000 was sold f.o.b. shipping point. Beck Company also has consigned goods of $72,000 awaiting sale with Meyer Company. What amount of inventory should Beck Company report on its balance sheet as of December 31? O A. $1,163,000 O B. $1,091,000 OC. $953,000 OD. $776,000 Tullis Construction enters into a long-term fixed price contract to build an office tower for $10,300,000. In the first year of the contract Tullis incurs $2,250,000 of cost and the engineers determined that the remaining costs to complete the project are $4,000,000. Tullis billed $3,800,000 in year 1 and collected $3,500,000 by the end of the year. How much gross profit should Tullis recognize in Year 1 assuming the use of the percentage -of - completion method? (Round any intermediary percentages to the nearest hundredth percent, and round your final answer to the nearest dollar.) O A. $5,958,000 O B. $0 O C. $1,458,000 OD. $3,708,000
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