Hide Assignment Information

Instructions

AC $212$

Assignment #$5$

Percentage of Completion

The Kenny Construction Co$.$ has been contracted to construct a bridge for $$3,000,000$ at an estimated cost of $$2,000,000.$ The contract period begins on Jan. $1,2012$ and ends on Dec. $312014.$ The following data pertains to the project:

$202220232024$

Costs to date: $$1,000,000$ $$2,000,000$ $$2,500,000$

Estimated costs to complete: $$1,000,000$ $$500,00$ $$0$

Required:

Calculate the percentage of completion for each year.

Calculate the amount of revenue and gross profit to be recognized each year.