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During 2014, Nilsen Company started a construction job with a contract price of $1,706,000. The job was completed in 2016. The following information is available.
During 2014, Nilsen Company started a construction job with a contract price of $1,706,000. The job was completed in 2016. The following information is available.
2014 | 2015 | 2016 | |
Costs incurred to date | $344,400 | $887,170 | $1,098,000 |
Estimated costs to complete | 639,600 | 235,830 | 0 |
Billings to date | 281,000 | 883,500 | 1,706,000 |
Collections to date | 269,300 | 823,400 | 1,446,000
Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. |
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