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What amount of gross profit would Pell report

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Reference no: EM132483732

Question - Fact Pattern: Data pertaining to Pell Co.'s long-term construction jobs, which commenced during Year 1, are as follows:

 

Project 1

Project 2

Contract price

$420,000

$300,000

Costs incurred during Year 1

240,000

280,000

Estimated costs to complete

120,000

40,000

Billed to customers during Year 1

150,000

270,000

Received from customers during Year 1

90,000

250,000

Required - If Pell used the input method based on costs incurred to measure its progress toward completion of the project, what amount of gross profit (loss) would Pell report in its Year 1 income statement?

a. $40,000

b. $22,500

c. $(20,000)

d. $20,000

Reference no: EM132483732

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