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Question 3: Percentage of Completion Method (12 marks) On January 1, 2017, Eagle Construction Ltd....

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Accounting

Question 3:

Percentage of Completion Method (12 marks) On January 1, 2017, Eagle Construction Ltd. started a construction project for $4,500,000. Relevant data for 2017 and 2018 are as follows:

2017 2018

Current year construction costs $3,300,000 $ 620,000

Estimated remaining costs to complete 600,000 -0-

Current year billings 3,100,000 1,400,000

Current year collections 3,000,000 1,500,000

Required: Calculate the following amounts for each method:

Completed Percentage-of Contract Completion 2017 2018 2017 2018

a) Gross Profit $ $ $ $

b) Construction in progress year-end balance $ $ $ $

c) Costs in excess of billings (Billings in excess of costs) $ $ $ $

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