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On February 1,2023 , Oriole Contractors agreed to construct a building at a contract price of $3,380,000. The total estimated construction costs would be $2,455,000
On February 1,2023 , Oriole Contractors agreed to construct a building at a contract price of $3,380,000. The total estimated construction costs would be $2,455,000 and the project would be finished in 2025 . Information relating to the costs and billings for this contract is as follows: Calculate the gross profit / (loss) that should be recognized for 2023, 2024, and 2025 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round percentage complete to 1 decimal place, e.g. 15.2% and final answers to 0 decimal places, e.g. 5,125.) Gross profit/(loss) $2023 2024
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