Vaughn Enterprises Ltd. has entered into a contract beginning in February 2020 to build two...
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Vaughn Enterprises Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable fixed price contract for $10 million. The following data pertain to the construction period (all figures in thousands).
| 2020 | 2021 | 2022 | ||||
| Costs for the year | $3,825 | 4,675 | 1,200 | |||
| Estimated costs to complete | 4,675 | 1,270 | -0- | |||
| Progress billings for the year (non-refundable) | 3,500 | 4,100 | 2,400 | |||
| Cash collected for the year | 3,100 | 4,150 | 2,750 |
Using the percentage-of-completion method, calculate the percent complete for each year of the contract.
2020:
2021:
2022:
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