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2,236 774 4 3,162 1,545 6 3,873 2,308 8 4,472 3,061 2 5,000 3,799 10 5,477 4,520 11 5,916 5,221 4 12 6,325 5,899 5 13 6,708 6,553 6 13 7,071 7,182 7 14 7,416 7,783 15 7,746 8,356 9 15 8,062 8,900 10 8,367 9,416 12 12 16 17

2,236 774 4 3,162 1,545 6 3,873 2,308 8 4,472 3,061 2 5,000 3,799 10 5,477 4,520 11 5,916 5,221 4 12 6,325 5,899 5 13 6,708 6,553 6 13 7,071 7,182 7 14 7,416 7,783 15 7,746 8,356 9 15 8,062 8,900 10 8,367 9,416 12 12 16 17

FINANCIAL ACCOUNTING
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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Fulton Construction is a general contractor for large construction projects. The budget costs and the time to reach a particular percentage of completion (in months) follows. Also shown are the actual results (cost and months) up to the latest report, which was at the end of month 19. Percentage Cost ($008) Months to Reach Complete Budget Actual Budget Actual 0% 0 8 0 5% 2,236 774 4 10% 3,162 1,545 1 6 15% 3,873 2,308 1 8 20% 4,472 3,061 2 9 25% 5,000 3,799 3 10 30% 5,477 4,520 11 35% 5,916 5,221 4 12 40% 6,325 5,899 5 13 45% 6,708 6,553 6 13 50% 7,071 7,182 7 14 55% 7,416 7,783 8 15 60% 7,746 8,356 9 15 65% 8,062 8,900 10 16 70% 8,367 9,416 12 17 75% 8,660 9,902 13 17 80% 8,944 10,361 14 18 85% 9,220 10, 791 16 18 90% 9,487 11,194 17 19 95% 9,747 19 100% 10,000 20 Required: a. At this time, what is the current cost over- (under-) run on the project? Note: Enter your answer in dollars and not in thousands of dollars. b. At this time, by how far ahead or behind schedule is the project in terms of percentage of completion? a. Current cost b. Percentage of completion 96
Transcribed Image Text:Fulton Construction is a general contractor for large construction projects. The budget costs and the time to reach a particular percentage of completion (in months) follows. Also shown are the actual results (cost and months) up to the latest report, which was at the end of month 19. Percentage Cost ($008) Months to Reach Complete Budget Actual Budget Actual 0% 0 8 0 5% 2,236 774 4 10% 3,162 1,545 1 6 15% 3,873 2,308 1 8 20% 4,472 3,061 2 9 25% 5,000 3,799 3 10 30% 5,477 4,520 11 35% 5,916 5,221 4 12 40% 6,325 5,899 5 13 45% 6,708 6,553 6 13 50% 7,071 7,182 7 14 55% 7,416 7,783 8 15 60% 7,746 8,356 9 15 65% 8,062 8,900 10 16 70% 8,367 9,416 12 17 75% 8,660 9,902 13 17 80% 8,944 10,361 14 18 85% 9,220 10, 791 16 18 90% 9,487 11,194 17 19 95% 9,747 19 100% 10,000 20 Required: a. At this time, what is the current cost over- (under-) run on the project? Note: Enter your answer in dollars and not in thousands of dollars. b. At this time, by how far ahead or behind schedule is the project in terms of percentage of completion? a. Current cost b. Percentage of completion 96
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