Question
A company began work in 2020 on a contract for $7,800. Other data are as follows: 2020 2021 Costs incurred to date $3,000 $5,600 Estimated
A company began work in 2020 on a contract for $7,800. Other data are as follows:
2020 2021
Costs incurred to date $3,000 $5,600
Estimated costs to complete 2,000
Billings to date 3,100 7,800
Collections to date 1,000 4,400
If the company uses the percentage-of-completion method, for the journal entry that records construction revenue, construction expense, and gross profit for 2020, how much will be recorded for Construction in Process?
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Cost Accounting
Authors: M.Y. Khan, P.K. Jain
2nd Edition
9339203445, 9789339203443
