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On March 1 , 2 0 2 0 , Oriole Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total
On March Oriole Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $ The building was completed by October The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for and are given below:
tableContract costs incurred during the year,$$$Estimated costs to complete the contract at Billings to Fabrik during the year,
a Using the percentageofcompletion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December and Ignore income taxes.If answer Is O please enter Do not leave any fields blank. Enter loss using elther a negative sign preceding the number eg or parentheses eg
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