On April 12, 2021, Jacob’s Construction contracted to build a 400 Unit Apartment Complex at a contract price of $85 million. The schedule of expected (which equals actual) cash collections and contract direct costs (excluding SG&A) is as follows: Year Cash Collections Cost Incurred 2021 $60 million $ 45 million 2022  20 million   27 million Total $80 million $72 million   Calculate the Gross Profit for the Total Contract   Calculate the Gross Margin for the Total Contract       Calculate the revenue for 2021     Calculate the revenue for 2022       Calculate the gross profit for 2021     Calculate the gross profit for 2022       Calculate the gross margin for 2021     Calculate the gross margin for 2022

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A: Workings: Formulas for the above table:

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A:

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Q: percentage of completion method

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