Question
3. The following information relates to a project of the Cumberland Construction Company: 2019 2020 20210 Actual total costs incurred to date $100,000 $616,000 $882,000
3. The following information relates to a project of the Cumberland Construction Company:
| 2019 | 2020 | 20210 | |
| Actual total costs incurred to date | $100,000 | $616,000 | $882,000 |
| Estimated costs to complete | 700,000 | 264,000 | -- |
The contract price was $1,000,000. Cumberland uses the cost-to-cost method of revenue recognition.
What are the TOTAL estimated costs for the contract in 2019? _______________
How much revenue should be recognized in 2019? $__________
How much gross profit should be recognized in 2019? $___________
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
18th Edition
1119790972, 9781119790976
