12/31/1712/21/18Cost incurred to dateEstimated cost to complete?4,900,00014,200,0009,000,000Percentage of Completion?60%Income recognized to date700,0002,400,000What is the cost incurred to date in 2017?What is the Percentage of completion in 2017?

Under percentage of completion method the revenue is recognised over the life of the construction…

12/31/17 12/21/18 Cost incurred to date ? 4,900,000 Estimated cost to complete 14,200,000 9,000,000 Percentage of Completion Income recognized to date ? 60% 700,000 2,400,000 What is the cost incurred to date in 2017? What is the Percentage of completion in 2017?

12/31/17 12/21/18 Cost incurred to date ? 4,900,000 Estimated cost to complete 14,200,000 9,000,000 Percentage of Completion Income recognized to date ? 60% 700,000 2,400,000 What is the cost incurred to date in 2017? What is the Percentage of completion in 2017?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

12/31/17
12/21/18
Cost incurred to date
Estimated cost to complete
?
4,900,000
14,200,000
9,000,000
Percentage of Completion
?
60%
Income recognized to date
700,000
2,400,000
What is the cost incurred to date in 2017?
What is the Percentage of completion in 2017?

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Percentage of completion method defintiion

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Step 2-Calculation of Total contract Revenue

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