Homework Answers
Solution:
| Computation of % of completion, revenue recognition and Gross Profit - Sweet 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) (G-A) |
| 2020 | $430,000 | $430,000 | $1,000,000 | 43.00% | $1,580,000 | $679,400 | $679,400 | $249,400 |
| 2021 | $336,500 | $766,500 | $1,095,000 | 70.00% | $1,580,000 | $1,106,000 | $426,600 | $90,100 |
| 2022 | $300,500 | $1,067,000 | $1,067,000 | 100.00% | $1,580,000 | $1,580,000 | $474,000 | $173,500 |
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