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1. Green Construction Co. has consistently used the percentage-of-completion method of recognizing revenue. During 2014, Green entered into a fixed-price contract to construct an office building for $24,000,000. Information relating to the contract is as follows:

At December 31

2014 2015

Percentage of completion 15% 45%

Estimated total cost at completion $18,000,000 $19,200,000

Gross profit recognized (cumulative) 1,200,000 2,880,000

Contract costs incurred during 2015 were ??

1. Green Construction Co. has consistently used the percentage-of-completion method of recognizing revenue. During 2014, Green entered into a fixed-price contract to construct an office building for $24,000,000. Information relating to the contract is as follows:

At December 31

2014 2015

Percentage of completion 15% 45%

Estimated total cost at completion $18,000,000 $19,200,000

Gross profit recognized (cumulative) 1,200,000 2,880,000

Contract costs incurred during 2015 were

a. $5,760,000.

b. $5,940,000.

c. $6,300,000.

d. $8,640,000.

Sagot :

Answer:

d is the answer  

Explanation:

d

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