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If pell used the percentage of completion method what

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Reference no: EM13481673

The following info relates to Pell Company's construction jobswhich commenced during 2008.


 Project1 Project2
ContactPrice 420,000 300,000
Costs incurredduring the2008                    240,000 280,000
Estimated coststo complete 120,000 40,000
Billed tocustomers during 2008 150,000 270,000
Received fromcustomers during 2008 90,000 250,000

1. If Pell used the completed contract method, what amount of grossprofit or loss would it report in its 2008 income statement?

2. If Pell used the percentage of completion method, what amount ofgross profit or loss would it report in its 2008 incomestatement?

Reference no: EM13481673

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