Question
Question 3 Ivanhoe Construction Co. uses the percentage-of-completion method. In 2021, Ivanhoe began work on a contract for $10000000 and it was completed in 2022.
Question 3
Ivanhoe Construction Co. uses the percentage-of-completion method. In 2021, Ivanhoe began work on a contract for $10000000 and it was completed in 2022. Data on the costs are:
| Year Ended December 31 | ||
| 2021 | 2022 | |
| Costs incurred | $3750000 | $2700000 |
| Estimated costs to complete | 2500000 | 0 |
For the years 2021 and 2022, Ivanhoe should recognize gross profit of 2021 2022
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Auditing That Matters Case Studies Discussion Guide
Authors: Norman Marks
1st Edition
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