What is the amount of contract costs incurred during the year ended December 31, 2007?

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What is the amount of contract costs incurred during the year ended December 31, 2007?

On April 1, 2006, Pine Construction Company entered into a fixed-price contract to construct an apartment building for $6,000,000. Pine appropriately accounts for this contract under the percentage-of-completion method. Information relating to the contract is as follows:

At December 31, 2006

At December 31, 2007

Percentage of completion

20%

60%

Estimated costs at completion

$4,500,000

$4,800,000

Income recognized (cumulative)

$300,000

$720,000

What is the amount of contract costs incurred during the year ended December 31, 2007?

a. $1,200,000

b. $1,920,000

c. $1,980,000

d. $2,880,000

 

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What is the amount of contract costs incurred during the year ended December 31, 2007? was first posted on June 30, 2020 at 11:44 pm.
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