Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $1,348,800. The contract price was $1,888,320. Costs of the contract for 2022, the first year, totaled $1,011, 600. If required, round any division to two decimal places and round your final answers to the nearest dollar. a. What was the gross profit reported by the percentage of completion method for 2022? Sfill in the blank 1 b. After the contract was completed at the end of 2023 at a total cost of $1,416,240, what was the gross profit reported by the percentage of completion method for 2023? Sfill in the blank 2

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Rahul 

Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $1,348,800.
The contract price was $1,888, 320. Costs of the contract for 2022, the first year, totaled $1,011, 600. If required, round
any division to two decimal places and round your final answers to the nearest dollar. a. What was the gross profit
reported by the percentage of completion method for 2022? Sfill in the blank 1 b. After the contract was completed at
the end of 2023 at a total cost of $1,416,240, what was the gross profit reported by the percentage of completion
method for 2023? Sfill in the blank 2
Transcribed Image Text:Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $1,348,800. The contract price was $1,888, 320. Costs of the contract for 2022, the first year, totaled $1,011, 600. If required, round any division to two decimal places and round your final answers to the nearest dollar. a. What was the gross profit reported by the percentage of completion method for 2022? Sfill in the blank 1 b. After the contract was completed at the end of 2023 at a total cost of $1,416,240, what was the gross profit reported by the percentage of completion method for 2023? Sfill in the blank 2
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