Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2023 $3,420 2024 4,180 4,180 1,900 2025 1,800 -0- 3,095 3,605 3,000 2,725 3,655 3,320

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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how would i find the gross profit for 2023, 2024 and 2025? (in dollars)

Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds
Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction
period (all figures in thousands).
Costs for the year
Estimated costs to complete
Progress billings for the year (non-refundable)
Cash collected for the year
2023
2024
$3,420
4,180 1,900
3,095
4,180
2025
2,725 3,655
1,800
-0-
3,605 3,000
3,320
Transcribed Image Text:Oriole Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Whispering Winds Structures Ltd. The contract is a non-cancellable fixed-price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands). Costs for the year Estimated costs to complete Progress billings for the year (non-refundable) Cash collected for the year 2023 2024 $3,420 4,180 1,900 3,095 4,180 2025 2,725 3,655 1,800 -0- 3,605 3,000 3,320
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