Red builders agrees to construct a new building for blue co. for a total contract price of $6,000,000. the estimated construction costs at inception was $4,000,000. the construction project was completed after two years. below are the actual costs for years 1 and 2: descriptioncumulative year 1year 2cost incurred to date1,200,0002,500,000estimated additional costs to complete3,600,0002,100,000billings1 ,050,0002,300,000cash collections1,000,0001,900,000 red has determined that this contract qualifies for revenue recognition over time (as opposed to upon completion). as a result, red builders should have recognized profit at the end of year 1 in the amount of:

The cutting department of cassel company has the following production and cost data for july. production costs 1. transferred out 12,300 units. beginning work in process $0 2. started 3,900 units that are 60% materials 62,856 complete as to conversion labor 12,622 costs and 100% complete as manufacturing overhead 23,100 to materials at july 31. materials are entered at the beginning of the process. conversion costs are incurred uniformly during the process. determine the equivalent units of production for (1) materials and (2) conversion costs. materials conversion costs total equivalent units of production link to text link to text compute unit costs. (round unit costs to 2 decimal places, e.g. 2.25.) materials $ conversion costs $ link to text link to text prepare a cost reconciliation schedule. (round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.) cost reconciliation costs accounted for transferred out $ work in process, july 31 materials $ conversion costs total costs $