PERCENTAGE OF COMPLETION METHOD AttiK Construction Company currently has a long-term construction project. The project has...

PERCENTAGE OF COMPLETION METHOD AttiK Construction Company currently has a long-term construction project. The project has a contract price of $130,000,000 with total estimated costs of $100,000,000. AttiK appropriately uses the percentage of completion method. After 2 years of construction, the following costs have been accumulated: Actual cost incurred, Year 1 $30,000,000 Total estimated costs remaining after Year 1 70,000,000 Actual cost incurred, Year 2 50,000,000 Total estimated cost remaining after Year 2 20,000,000 Determine the gross profit for each of the first 2 years of the construction contract.

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ekkarill92 answered 9 months ago

Widjaja Compay is accounting for a long term construction contract using the percentage of completion method....

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