Reference no: EM132754916
Question - GABRIEL CONSTRUCTION COMPANY uses the output method to determine their percentage of completion for their construction projects. They are currently constructing and selling 10 residential units and estimate to incur the following costs:
Fulfilment costs $10,000,000
Development Cost $20,000,000.
They estimate that the cost to be allocated per residential unit would be as follows:
Fulfilment cost $1,000,000
Development cost $2,000,000.
For the current year Gabriel Construction Company already incurred $10,000,000 for fulfilment costs, $1,000,000 per unit for development costs and the company architect also estimated the units to be 60% complete.
Required -
1. If one (1) unit is sold during the year, how much is the cost of sales for year one (1)?
2. How much would be classified as real estate inventory in the company's books?
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