During 2021, a company started a construction job with a contract price of $282,700. The job was completed in 2023. The following information is available. 2021 2022 2023 Costs incurred to date $40,000 $88,000 $188,000 Estimated costs to complete 210,000 112,000 -0- Billings to date 40,000 145,920 186,000 Collections to date 20,000 60,000 100,000 If the company uses the percentage-of-completion method, at the end of 2022 (the second year of construction), what is the amount of inventory/current liability related to the construction of this project? (Very important: Just enter the amount. DO NOT put a plus or minus sign in front of the amount.) (Do not round your answers in any part of the computation.)
During 2021, a company started a construction job with a contract price of $282,700. The job was completed in 2023. The following information is available.
|
2021 |
2022 |
2023 |
|
|
Costs incurred to date |
$40,000 |
$88,000 |
$188,000 |
|
Estimated costs to complete |
210,000 |
112,000 |
-0- |
|
Billings to date |
40,000 |
145,920 |
186,000 |
|
Collections to date |
20,000 |
60,000 |
100,000 |
If the company uses the percentage-of-completion method, at the end of 2022 (the second year of construction), what is the amount of inventory/current liability related to the construction of this project? (Very important: Just enter the amount. DO NOT put a plus or minus sign in front of the amount.) (Do not round your answers in any part of the computation.)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
