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On February 1, 2020, Nash's Contractors agreed to construct a building at a contract price of $5,700,000. Nash's estimated total construction costs would be $3,920,000
On February 1, 2020, Nash's Contractors agreed to construct a building at a contract price of $5,700,000. Nash's estimated total construction costs would be $3,920,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: 2022 $4,550,000 2020 $1,470,000 2.450,000 2.100.000 1,900,000 Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date 2021 $2,580,000 1.720,000 3.920,000 3,400,000 -0 5,500,000 5,400,000 Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2020, 2021, and 2022. Percentage-of-Completion Gross Profit Completed-Contract Gross Profit 2020 $ 2020 $ 2021 $ 2021 $ 2022 $ 2022 $
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