Homework Answers
2021
Percentage completed = $3105000 / (3105000 + 2070000) = 60%
Revenue recognized = $7640000 x 60% = $4584000
Gross Profit = $4584000 - 3105000 = $1479000
2022
Revenue recognized = $7640000 x 40% = $3056000
Gross Profit = $3056000 - 2320000 = $736000
Answer is c. $1479000 and $736000
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