In 2022, Long Construction Corporation began construction work under a three year contract. The contract price is $1,600,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2022, is as follows: Balance Sheet Accounts receivable (from construction progress billing Construction in progr Less: Billings on construction contract OP in excess of billings Income Statement $30.000 $100,000 P000 000 Income (before tax) on the contract recognized in 2022 $20,000 1. What is the percentage of completion at the end of 20227 a. 5.25% 6.5.75% c. 6.25% d. 6.75% On February 1, 2021, Arrow Construction Company entered ints a three-year construction contract to build a bridge for a price of $8,000,000. During 2021, costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was $2,250,000 In 2022, costs incurred were $2,500,000 with remaining costs estimated to be $3,600,000. 2022 billings were $2,750,000, and $2,475,000 cash was collected. The project was completed in 2023 after additional costs of $3,800,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion 2. The total gross profit/loss Arrow recognized at the end of the contract is: a $200,000 Loss b. $300,000 Loss e $300,000 Gain d $766,667 Loss The following information is taken from the inventory records of the CNB Company for the month of September Beginning inventory, 9/1/16 5.000 units $10.00 Purchases 9/7 9/25 Sales 9/20 9/29 1,000 units @ $30.40 8,000 units $10.75 4,000 units 5,000 units 7,000 units were on hand at the endi of September. 3. Assuming that CNB uses average cost for inventory purposes, what is the COGS assuming a perpetual inventory system? a. $73,850 b. 583,850 c. 593,350 d $100,000