Part 1: Prior Year WTG had numerous active contracts at the beginning of the current year. All of these contracts have been analyzed correctly. WTG had been paid in full for all of these contracts as of the beginning of the current year (ie., they were paid before January 1 of the current year). The table included in the "Contracts from Prior Years" worksheet included in the "Revenue Recognition and Accounts Receivable" spreadsheet provides an analysis of each of these contracts. For the sake of simplicity, we will assume that there are no significant financing components associated with this revenue. The FIFO measurement of inventory shipped this year from revenue contracts completed before the current year is $586,325. Of this amount $28,600 is still in transit as of December 31 of the current year. The sales price of these goods is $92.000. Exture Years M Good: Shipped in Contracts Shipped of the yet Pulled of Contract the current year n end at the need of the Current Year Current Year Current Year 1 2 112,400 19,500 3 4 5 7 26,500 14,200 6.200 00,200 1,000 10 1,000 11,000 12 20,500 13 1,775 14 16,00 as of December of the vet var 392000 of goods shipped resta