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Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction...

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Accounting

Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began in 2016 and was completed in 2018. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Estimated Costs to Complete

Costs Incurred During Year

(As of the End of the Year)

Situation

2016

2017

2018

2016

2017

2018
1 1,600 2,430 1,200 3,630 1,200
2 1,600 1,200 2,800 3,630 2,800
3 1,600 2,430 2,400 3,630 2,300
4 600 3,100 1,200 4,200 925
5 600 3,100 2,000 4,200 2,300
6 600 3,100 2,800 5,600 2,600
Gross Profit (Loss) Recognized
Percentage of Completion Completed Contract
Situation 2016 2017 2018 2016 2017 2018
1
2
3
4
5
6

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