Please assist with the following: Percentage-of-Completion and Completed Contract Methods Philbrick Company signed...
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Please assist with the following:
Percentage-of-Completion and Completed Contract Methods Philbrick Company signed a three-year contract to provide sales training to the employees of Elliot Company. The contract price is $1,200 per employee and the estimated number of employees to be trained is 400. The expected number to be trained in each year and the expected training costs followw Number of Training Costs Employees Incurred 2016 2017 2018 125 200 75 400 $60,000 75,000 40,000 $175,000 Total Required For each year, compute the revenue, expense, and gross profit reported assuming revenue is recognized using the following method (Do not round until your final answers. Round your answers to two decimal places.) 1. Percentage-of-completion method, where percentage-of-completion is determined by the nuumher of emplovees traine
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