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Computing Revenue and Gross Profit on Long-term Construction Contract $768,000 including unexpected cost overruns of $96,000 due to labor inefficiencies. $1,350,000, excluding year one inefficiencies.

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Computing Revenue and Gross Profit on Long-term Construction Contract $768,000 including unexpected cost overruns of $96,000 due to labor inefficiencies. $1,350,000, excluding year one inefficiencies. a. Calculate (1) recognized revenue, (2) the gross profit, and (3) adjusted contract margin to be recorded in the second year of the contract

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