Prepare WIP schedules as of June 30, 2020

Facts:

Job A

a.Verbally awarded job on December 1, 2019, with a value of $1,000,000

b.Signed contract on February 2, 2020

c.Men started on the job January 15, 2020

d.As of December 31, 2019, the following costs were incurred

i.Engineering costs of $10,000

ii.Sub-contractor deposit of $10,000 (with a total contract of $60,000)

iii.Total projected costs from the project management team was $800,000

iv.Billings on December 31^st were $25,000 before 10% retainage

e.As of June 30, 2020

i.Actual costs incurred $500,000

ii.Pending change orders of $150,000

iii.Billings on June 30^th were $800,000 before 10% retainage

Job b

a.Awarded job on October 1, 2019, with a value of $2,000,000

b.Men started on the job December 1, 2019

c.As of December 31, 2019, the following costs were incurred

i.Actual costs incurred $150,000

ii.Total projected costs from the project management team was $1,900,000

iii.Billings were $100,000 before 10% retainage

d.As of June 30, 2020

i.Actual costs incurred $900,000

ii.Pending change orders of $200,000

iii.Projected total costs as of June 30^th was $2,260,000

iv.Billings were $1,300,000 before 10% retainage

Job c

a.Job contract value is $1,500,000

b.As of December 31, 2019, the following costs were incurred

i.Actual costs incurred were 1,000,000

ii.Total projected costs from the project management team was $1,100,000

iii.Billings were $1,400,000 before 10% retainage

c.As of June 30, 2020

i.Actual costs incurred $1,130,000

ii.Pending change orders of $50,000

iii.Projected total costs as of June 30^th was $1,130,000

iv.Billings were $1,550,000 before 10% retainage

Assignment:

2. Prepare WIP schedules as of December 31, 2019
4. Prepare WIP schedules as of June 30, 2020
6. Prepare June 30^th financial journal entries

Key Performance Indicators

Assignment:

Identify your top three KPI's for the following functional areas.Explain the importance and expectations around each KPI.