Question
Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price $ 450,000 Contract cost: 2020 (180,000
Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:
| Bid price |
| $ | 450,000 |
|
| Contract cost: | 2020 |
| (180,000 | ) |
|
| 2021 |
| (195,000 | ) |
| Gross profit: |
|
| 75,000 |
|
Estimated cost to complete:
| 12/31/2020 | $ | 200,000 |
|
| 12/31/2021 |
| 0 |
|
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Accounting For Management Control
Authors: Emmanuel
2nd Edition
186152272X, 978-1861522726
