in 2018 the westgate construction company entered into a contract to construct a road for Santa...

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Accounting

in 2018 the westgate construction company entered into acontract to construct a road for Santa Clara County for 10,000,000The road was completed in 2020. Calculate the amount of revenue andgross profit to be recognized in each of the 3 years assuming thefollowing costs to incur and costs to complete information. ( Donot round intermediate calculations and round your final answers tothe nearest whole dollar amount.
   2018    2019 2020
Cost incurred during the year $2,016,000 3,890,000   3,290,000
Estimated cost to complete as of year end $5,184,000   3,190,000

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3.7 Ratings (366 Votes)

Year 2018 Uptodate cost 2016000 Estimated cost 5184000 Total cost 2016000 5184000 7200000 Rate of completion Uptodate cost Total cost 2016000 7200000 028 Amount of revenue Total contract price Rate of completion See Answer

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