Business, 31.08.2021 01:20 Elliewop

During 2020, Martinez Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 2022
Costs incurred to date $405,900 $766,500 $1,076,000
Estimated costs to complete 584,100 328,500 â€“0â€“
Billings to date 300,000 893,000 1,610,000
Collections to date 267,000 809,000 1,435,000
Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

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During 2020, Martinez Company started a construction job with a contract price of $1,610,000. The jo...

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