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Denny Networks Incorporated (DNI) accepts a fixed-fee contract to develop and implement a communications network...

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Accounting

image Denny Networks Incorporated (DNI) accepts a fixed-fee contract to develop and implement a communications network for Adair Sound Systems. DNI accepts a fixed fee of $18,800 and must complete the project within three years. DNI uses the percentage-of-completion method of accounting to determine the percent complete using the cost-to-cost approach. Costs incurred and estimated total costs are summarized in the table below: (Click the icon to view the costs incurred and estimated total costs.) Determine the amount of gross profit that DNI will report in each of the three years. (Enter the percentages to the nearest whole number. Enter "0" for any zero amounts.) First, compute the percentage of completion for each year. Contract Information

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