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Business, 17.06.2020 04:57 ariana0517

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021
Costs incurred during the year $486,500 $1,000,000
Estimated costs to complete 903,500 0
Billings during the year 455,000 1,245,000
Cash collections during the year 355,000 1,345,000

Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.

Required:
a. Compute the amount of gross profit recognized during 2020 and 2021.
b. Prepare all journal entries to record costs, billings, collections, and profit recognition.

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