K During 2020 Cheyenne Company Started A Construction Job With A Contract Price Of 1 620 000 The Job Was Completed In 1 (45.06 KiB) Viewed 11 times
K During 2020 Cheyenne Company Started A Construction Job With A Contract Price Of 1 620 000 The Job Was Completed In 2 (42.44 KiB) Viewed 11 times
k During 2020, Cheyenne Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $444,400 565,600 301,000 272,000 2021 $867,420 230,580 904,000 814,000 2022 $1,060,000 -0- 1,620,000 1,411,000
(a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 Gross profit recognized in 2021 Gross profit recognized in 2022 $ $ $
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