Chapter 5—Accounting for Merchandising Operations

Example 1. Total Gross Profit expected on entire project. Contract Price$4,000,000. Costs To Date( 980,000) Estimated Future Costs( 2,520,000) Total Expected Gross Profit $500,000. In 2014, our Percent Complete based on costs incurred to-date. Costs in 2014_____ = $980,000_ = 28% Percent Complete. Total Expected Costs $3,500,000 ................
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