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BIUS XXb Manchester Victorian construction Inco. Signed a new contract on the 10 of May, 2020. The contracted is assigned with a price of 8.4
BIUS XXb Manchester Victorian construction Inco. Signed a new contract on the 10 of May, 2020. The contracted is assigned with a price of 8.4 million and the company expects that it will take approximately 3 to 4 years to complete the project. The following are the related cost, billing and collection over years 2020-2023 2023 $1,388,000 Cost during the year Cost to complete Billing During the year Collection during the year 2020 $1,100,000 $5,100,000 $1,000,000 $800,000 2021 $2,570,000 $3,750,000 $2,000,000 $1,750,000 2022 $3,162,000 $1,728,000 $4,000,000 $3,000,000 $1,500,000 $2.950.000 - You are required to calculate the revenues, construction expense, accumulated cost and gross profit for each year under both methods Percent of completion method 2020 2021 2022 2023 Revenues Construction expense Gross profit or loss Accumulated actual cost Zero profit method 2020 2021 2022 2023 Revenues Construction expense Gross profit or loss Accumulated actual cost Page Dataur
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