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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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