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Calculate portion of the total gross profit to be recognized

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Tara Inc. began work in 2020 on contract #3814, which provided for a contract price of $4,500,000. Other details follow:

                                                                                         2020                   2021

Costs incurred during the year                              $800,000        $2,425,000

Estimated costs to complete as of December 31         2,400,000        0

Billings during the year                                      900,000              3,600,000

Collections during the year 600,000 3,900,000

Assume that Tara uses the percentage-of-completion method of accounting.

REQUIRED:

Problem 1: Calculate the portion of the total gross profit to be recognized as income in 2020.

Reference no: EM132964209

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