Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2010 and completed in 2011. Cost and other data are presented below:

Chapter 5 Student: ___________________________________________________________________________ Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2010 and completed in 2011. Cost and other data are presented below: 1. Assume that Beavis uses the percentageofcompletion method for revenue recognition. Required: Compute the amount of gross profit recognized during 2010 and 2011. (25 Points) 2. Assume that Beavis uses the percentageofcompletion method for revenue recognition. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. (25 points) Missoula Inc. reported the following selected financial statement data: 3. Required: Compute the receivables turnover ratio for 2011. (10 points) 4. Required: Compute the inventory turnover ratio for 2011. (10 points) 5. Required: Compute the asset turnover ratio for 2011. (10 points) 6. Required: Compute the profit margin on sales for 2011. (10 points) 7. Required: Compute the return on assets for 2011. (10 points)