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azon.com: 8. The percentage-of-completion method a. recognizes revenue and gross profit each period based upon progress. b. is used primarily for short-term contracts. c. accumulates construction costs in the Billings on Construction in Progress account. d. recognizes revenue and gross profits only when contract is completed. 9. Cooper Construction Company had a contract starting April 2021, to construct a $24,000,000 building that is expected to be completed in September 2023, at an estimated cost of $22,000,000. At the end of 2021, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $4,800,000 and the cash collected during 2021 was 3,200,000. Cooper uses the percentage of completion method. At December 31, 2021 Cooper would report Construction in Process in the amount of: $ 920,000 b. $10,120,000 c. $11,040,000 d. $ 9,440,000 a. 10. Hayes Construction Corporation contracted to construct a building for $7,500,000. Construction began in 2021 and was completed in 2022. Data relating to the contract are summarized below: Year ended December 31 2021 2022 Costs incurred $3,000,000 $2,250,000 Estimated costs to complete 2,000,000 Hayes uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2021, and 2022, respectively, Hayes should report gross profit of N a $1,350,000 and $900,000. b. $4,500,000 and $3,000,000 c. $1,500,000 and $750,000. d. SO and $2,250,000. O BE PHILIPS azon.com: 8. The percentage-of-completion method a. recognizes revenue and gross profit each period based upon progress. b. is used primarily for short-term contracts. c. accumulates construction costs in the Billings on Construction in Progress account. d. recognizes revenue and gross profits only when contract is completed. 9. Cooper Construction Company had a contract starting April 2021, to construct a $24,000,000 building that is expected to be completed in September 2023, at an estimated cost of $22,000,000. At the end of 2021, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $4,800,000 and the cash collected during 2021 was 3,200,000. Cooper uses the percentage of completion method. At December 31, 2021 Cooper would report Construction in Process in the amount of: $ 920,000 b. $10,120,000 c. $11,040,000 d. $ 9,440,000 a. 10. Hayes Construction Corporation contracted to construct a building for $7,500,000. Construction began in 2021 and was completed in 2022. Data relating to the contract are summarized below: Year ended December 31 2021 2022 Costs incurred $3,000,000 $2,250,000 Estimated costs to complete 2,000,000 Hayes uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2021, and 2022, respectively, Hayes should report gross profit of N a $1,350,000 and $900,000. b. $4,500,000 and $3,000,000 c. $1,500,000 and $750,000. d. SO and $2,250,000. O BE PHILIPS