1.A construction company decides to take a new job. The estimated income and expenses of this job are shown in the table below. The company is using Percentage Of Completion (POC) accounting method. The bills received by this company at the different months are shown below. Please determine the following: [40 points]

1st month, receives bills of $30,000.00. 2nd month, receives bills of $70,000.00. 3rd month, receives bills of $70,000.00.

a.The anticipated gross profit and percentage (%) in the table below

b.The percentage of the project completion at the end of the 1^st AND 2^nd months

c.The revenue AND the profit AND the profit percentage [%] at the end of the 1^st month

Anticipated Fixed Price Contract (3-month job)
	$ Amount	Gross Profit %
Anticipated income	$230,000.00	-
Anticipated costs	($170,000.00)	-
Anticipated gross profit	??	??