Posted by Lulit on Wednesday, October 22, 2008 at 1:06pm.
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Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2006 and was completed in 2008. The following are a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.
Costs Incurred During Year
Situation 2006 2007 2008
1 1,500 2,100 900
2 1,500 900 2,400
3 1,500 2,100 1,600
4 500 3,000 1,000
5 500 3,000 1,300
6 500 3,000 1,800
Estimated Costs to Complete
(As of the End of the Year)
Situation 2006 2007 2008
1 3,000 900 —
2 3,000 2,400 —
3 3,000 1,500 —
4 3,500 875 —
5 3,500 1,500 —
6 4,600 1,700 —
Gross Profit (Loss) Recognized
Percentage-of-Completion Completed Contract
Situation 2006 2007 2008
1
2
3
4
5
6
Completed Contract
Situation
2006 2007 2008
1
2
3
4
5
6
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