Pumpkin Company has contracted to build for the city of Peoria a new school. The estimated cost is $7,000,000 and the contract price is $10,000,000. The school took three years to complete as follows: Costs to Date Costs to Complete Amounts Billed to Date Collections to Date 2025 $3,500,000 $3,500,000 2026 $5,250,000 $2,000,000 2027 $3,300,000 $1,300,000 $5,300,000 $7,250,000 $0 $6,700,000 $10,000,000 $10,000,000 Determine using the percentage of completion method the gross profit to be recognized for: 2025 2027 2026 Determine using the Cost Plus or completed contract method the gross profit to be recognized for : 2025 2026 2027

Q: alternate answer?

A: Yield to Maturity (YTM):Yield to Maturity (YTM) is the total return anticipated on a bond if it is…

Q: Solution was marked wrong.

A: Future value refers to the concept of time, the value of money used for determining the value of…

Q: Answer and working out are not correct, can you try again

A: In finance, a forward rate denotes an agreed-upon interest or exchange rate set today for a future…

Q: The answer provided is not correct, please provide the correct value

A: Free Cash Flow Free Cash flow which can be determined by using the amount of net operating cash flow…

Q: o the problem please i need a red

A: Molding FabricationMachine Hours 2,500.00 1,500.00Fixed Manufacturing Overhead cost  $    13,000.00…

Q: can you do it again,please, it is not correct

A: Initial investment = 12,000Nominal rate of interest for first 5 years = 3.7% compounded…

Q: What does internal rate of return (IRR) help you to determine

A: Internal Rate of Return (IRR) is a financial metric used to evaluate potential profitability of an…

Q: im.2 answer must be in proper format or i will give down vote

A: When it comes to writing essays or papers, this are the things you have to consider: FORMAT:1.…

Q: Part B is the incorrect answer

A: The LIFO method is defined as one of the important methods of inventory calculation in which the…

Q: the answer is still wrong please redo calculate to come with the right answer

A: In this question, we need to compute the Estimated raw material inventory balance at the end of July…

Q: 7. The ultimate control of the corporation rests with the board of directors.

A: Introduction:- Board of directors:- Board of directors play vital role in every organization for…

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: Option B is correct Asymmetric information, it is referred that when one party has more information…

Q: nother wrong answer

A: The Annual Percentage Rate: The annual percentage rate is the nominal rate quoted by financial…

Q: Project b npv is incorrect. MIRR is wrong for A and B.

A:

Q: The anwswer is not correct

A: Here, Annual deposits = $1,400 Annual interest rate = 5% Total years to annual deposits = 10 years…

Q: (d) On what basis should management select from these two methods to depreciate the machine? Justify…

A: The management should opt for reducing balance method of depreciation for the above scenario: This…

Q: I can't see the answers to questions there block off

A: Rate caps :3/2/6 means 3% on first adjustment 2% on each subsequent adjustment 6%  life time cap

Q: part b is incorrect. Can you rework it?

A: Here,Quarter Dividend is $1.50Growth Rate is 6.25%Required Return is 9%Quarterly Required Return is…

Q: it is still incorrect, please find correct answer

A: Accounts receivable is amount that is yet to be recovered from the customers to whom goods or…

Q: wrong give me the right answer please

A: Present value factor is computed as follows:-Present value factor = wherer= required returnn= time…

Q: Wrong Answer

A: The cost of purchase is $1800 on October 23. It can be done using one of the two credit cards a)…

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.