2. The Orlando Company is involved in a three-year long-term contract. The company uses the percentage-of-completion method to account for revenues from the contract. The following data relate to this contract: Contract price Costs incurred to date Est. additional costs to complete Partial billings in each year Cash collected from billings in each year 2021 2. 3. 2022 24,000 98,000 96,000 42,000 12,000 82,000 8,000 84,000 2023 150,000 66,000 68,000 Total $160,000 Required (28 points): 1. Calculate the percentage of completion, construction revenues, construction expenses, and gross profit (loss) for 2021, 2022, and 2023. Prepare the journal entries to reflect the percentage-of-completion method for 2021 only Determine how to report the net amount of construction in progress inventory on the Balance Sheet as of 12/31/2021 only.

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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.