in 2021, the Westgate Constroction Company entered into a contract to construct a road for Santa Clara Courty for 510.000 .000 . The raad was completed in 2023. Information refated to the contract is as folows. Assane that Westgate Construction's contract with Sama Clara County does not quably for tevenue recognaion over nime Aequirest: 1. Calcilate the anount of revenue and gross peofit (loss) to be recognized in eacl of the three yeark. 2. . In the joumal below, complete the necescary journal entries for the jear 2021 (ciedit Variols accountin for conatruction costs incitied 2.b. In the joumat beiow, complete the necessary jouinal entries for the year 2022. (credit Vanous accounts' for conituction costs inciared) 2-c. In the jounar below. complete the necessary joumal entries for the year 2023 (credit "Verious accourts" for construction costs incuir (6) 3. Complete the iriformation requied below to prepare a partai balance sheet for 2021 and 2022 thowing any itemis lalated to 1 he cantract. 4. Calculate the am ount of revenue and gross profit (loss) to be recognized in each of the three years assumina the following costs incurred and coststa comolete information. 5. Calcutote the amount of levenue and gross profit flossl to be recognged in each of the three years ascuming the followning costs incurned and costs fo camplest nformation. Required informotion Problem 8.5 (Algo) Various inventory costing methods [LO8.1, 8-4] (The foilowing information eppines to the questions displayed below ). Fents Compery begin danuary wet 6,000 units of its pincipal product. The cost of each unit is 57 Merchandise transactors tor the moneh of January are as follows. - Inciudes purchaze peice ard cost of freight. 8,000 units were on hand at the ere of the morith. 8000 units ware on thand at the end of the month. Problem 8.5 (Algo) Part 5 5. Calculate January's ending irventary and cost of goods sold for the month uning fuerios cont, perpetual aytem [Round evernge cost per unit to 4 decimsi plsces. Enter soles with a negetive sign.) in 2021, the Westgate Constroction Company entered into a contract to construct a road for Santa Clara Courty for 510.000 .000 . The raad was completed in 2023. Information refated to the contract is as folows. Assane that Westgate Construction's contract with Sama Clara County does not quably for tevenue recognaion over nime Aequirest: 1. Calcilate the anount of revenue and gross peofit (loss) to be recognized in eacl of the three yeark. 2. . In the joumal below, complete the necescary journal entries for the jear 2021 (ciedit Variols accountin for conatruction costs incitied 2.b. In the joumat beiow, complete the necessary jouinal entries for the year 2022. (credit Vanous accounts' for conituction costs inciared) 2-c. In the jounar below. complete the necessary joumal entries for the year 2023 (credit "Verious accourts" for construction costs incuir (6) 3. Complete the iriformation requied below to prepare a partai balance sheet for 2021 and 2022 thowing any itemis lalated to 1 he cantract. 4. Calculate the am ount of revenue and gross profit (loss) to be recognized in each of the three years assumina the following costs incurred and coststa comolete information. 5. Calcutote the amount of levenue and gross profit flossl to be recognged in each of the three years ascuming the followning costs incurned and costs fo camplest nformation. Required informotion Problem 8.5 (Algo) Various inventory costing methods [LO8.1, 8-4] (The foilowing information eppines to the questions displayed below ). Fents Compery begin danuary wet 6,000 units of its pincipal product. The cost of each unit is 57 Merchandise transactors tor the moneh of January are as follows. - Inciudes purchaze peice ard cost of freight. 8,000 units were on hand at the ere of the morith. 8000 units ware on thand at the end of the month. Problem 8.5 (Algo) Part 5 5. Calculate January's ending irventary and cost of goods sold for the month uning fuerios cont, perpetual aytem [Round evernge cost per unit to 4 decimsi plsces. Enter soles with a negetive sign.)
