Question
The following information relates to a project of the Cumberland Construction Company: 2016 2017 2018 Actual total costs incurred to date $136,000 $616,000 $882,000 Estimated
The following information relates to a project of the Cumberland Construction Company:
2016 | 2017 | 2018 | |
Actual total costs incurred to date | $136,000 | $616,000 | $882,000 |
Estimated costs to complete | 714,000 | 264,000 | -- |
The contract price was $1,200,000. Cumberland uses the cost-to-cost method of revenue recognition.
What are the TOTAL estimated costs for the contract in 2016? _______________
How much revenue should be recognized in 2016? $__________
How much gross profit should be recognized in 2016? $___________
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Managing Supply Chain and Operations An Integrative Approach
Authors: Thomas Foster, Scott E. Sampson, Cynthia Wallin, Scott W Webb
1st edition
132832402, 978-0132832403
