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In 2020, Pop Construction Corp. began work on a contract for $ 3,700,000. Other details follow:

	2020
Costs incurred during the year....................................................................	$ 1,800,000
Estimated costs to complete as of December 31...................................	1,200,000
Billings during the year.................................................................................	1,650,000
Collections during the year.........................................................................	975,000

Pop uses the percentage-of-completion method. For calendar 2020, Pop should report gross profit of?

At the end of year 2, the accounting records for a multi-year construction project indicate actual costs incurred to date of $ 3,200,000, and the most recent estimate of additional future costs of $ 7,000,000. Assuming the percentage-of completion method is used, to one decimal, at the end of year 2 the project is?

Mobey Construction Corp. uses the percentage-of-completion method. In 2020, Mobey began work on a contract for $2,475,000 which was completed in 2021. Data on the costs are:

		Year Ended December 31
		2020		2021
Costs incurred		$877,500		$630,000
Estimated costs to complete		585,000		—

For the calendar years 2020 and 2021, Mobey should recognize gross profit of?

Punk Construction Corp. has consistently used the percentage-of-completion method. In 2017, Punk started work on a $7,000,000 construction contract that was completed in 2018. The following information was taken from Cymbal's 2017 accounting records:

 Billings to date......................................... $2,200,000
 Costs incurred.........................................    2,100,000
 Collections to date.................................    1,400,000
 Estimated costs to complete................   4,200,000

Under the earnings approach, what amount of gross profit should Cymbal recognize in 2017 on this contract?

Manson Construction Corp. has consistently used the percentage-of-completion method. In 2020, Manson started work on a $ 10,500,000 construction contract that was completed in 2021. The following information was taken from Manson's 2020 accounting records:

Billings to date.................................................... $ 3,300,000
Costs incurred..................................................... 3,150,000
Collections to date............................................. 2,100,000
Estimated costs to complete............................ 6,300,000

Under the earnings approach, what amount of gross profit should Manson recognize in 2020 on this contract?

Bluegrass Builders Ltd. Is using the percentage-of-completion method for a $ 2,010,000 contract that will take two years to complete. Data at December 31, 2020, the end of the first year, are

Costs incurred to date............................................................ $  925,000
Estimated total costs .............................   2,025,000
Billings to date......................................................................... 850,000
Collections to date..................................................................  700,000

The gross profit or loss that should be recognized for 2020 is?

Manson Construction Corp. has consistently used the percentage-of-completion method. In 2020, Manson started work on a $10,500,000 construction contract that was completed in 2021.

The following information was taken from Manson's 2020 accounting records:

Billings to date $3,300,000

Costs incurred 3,150,000

Collections to date 2,100,000

Estimated costs to complete 6,300,000

What is the amount of revenue that will be recorded in 2020?

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