The Ugenti Construction Company contracted to construct a
warehouse building for $2,600,000. Construction began in 2016 and
was completed in 2017. Data relating to the contract are summarized
below:
2016
2017
Costs incurred during the
year................. $
360,000
$1,650,000
Estimated costs to complete as of
12/31.
1,560,000
-
Billings during the year
..........................
430,000
2,170,000
Cash collections during the
year..............
320,000
2,280,000
Required:
1. Compute the amount of
gross...