UMU Contractors received a contract to construct a building for
UMU Contractors received a contract to construct a building for $10,000,000. ,
Construction was begun in 2010 and completed in 2011. Cost and other data are ,
presented below: ,
2010 2011 ,
Costs incurred during the year $6,200,000 $4,000,000 ,
Estimated additional costs to complete 4,100,000 0 ,
Billings during the year 5,800,000 3,800,000 ,
Cash collections during the year 5,300,000 4,000,000 ,
(i) Assume that UMU uses the percentage-of-completion method for revenue ,
recognition. Required: Compute and show separately the amounts of gross profit ,
(loss) recognized during 2010 and 2011 from the above contract.,
(ii) Assume that UMU uses the completed contract method for revenue recognition. ,
Required: Compute and show separately the amounts of gross profit (loss) ,
recognized during 2010 and 2011 from the above contract.
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