On January 1,2014 Flora Enterprises obtained a contract to construct a building.It was estimated at the beginning of the contract that it would take three years to complete the project at an expected cost of $200,000.The contract price was $250,000.The following information describes the status of the job at the close of production each year:
Compute the items listed below for each year assuming the use of the percentage-of-completion cost-to-cost method.(Round all percentages to two decimals).

Question

On January 1,2014 Flora Enterprises obtained a contract to construct a building.It was estimated at the beginning of the contract that it would take three years to complete the project at an expected cost of $200,000.The contract price was $250,000.The following information describes the status of the job at the close of production each year:
  Compute the items listed below for each year assuming the use of the percentage-of-completion cost-to-cost method.(Round all percentages to two decimals).

Quizplus · Accepted Answer

The Answer of On January 1,2014 Flora Enterprises obtained a contract to construct a building.It was estimated at the beginning of the contract that it would take three years to complete the project at an expected cost of $200,000.The contract price was $250,000.The following information describes the status of the job at the close of production each year:
  Compute the items listed below for each year assuming the use of the percentage-of-completion cost-to-cost method.(Round all percentages to two decimals).

On January 1,2014 Flora Enterprises Obtained a Contract to Construct