Answers
Solution 5:
| Computation of % of completion, revenue recognition and Gross Profit - Westgate Construction Company | |||||||||
| Year | Actual cost incurred (A) | Total cost incurred till date (B) | Total estimated Cost ( C ) | % of completion (D) (B/C) | Contract Price (E) | Total Revenue to be recoganized (F) (E * D) | Revenue for current period (G) | Gross Profit (H) | |
| 2018 | $2,072,000 | $2,072,000 | $7,400,000 | 28.00% | $10,000,000 | $2,800,000 | $2,800,000 | $728,000 | $2,800,000 - $2,072,000 |
| 2019 | $3,880,000 | $5,952,000 | $10,212,000 | 58.28% | $10,000,000 | $5,828,437 | $3,028,437 | -$940,000 | $10,000,000-$10,212,000 - $728,000 |
| 2020 | $4,140,000 | $10,092,000 | $10,092,000 | 100.00% | $10,000,000 | $10,000,000 | $4,171,563 | $120,000 | $10,000,000-$10,092,000 - $728,000 + $940,000 |
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