Summary data for Benedict Construction Co.’s (BCC) Job 1227, which was completed in 2021, are presented below:

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:

Bid price $450,000 Contract cost:2020 (180,000) 2021 (195,000) Gross profit: 75,000 Estimated cost to complete: 12/31/2020$200,000 12/31/2021 0 Assuming BCC recognizes revenue over time according to percentage of completion for this contract, the gross profit recognized in 2020 would be (rounded to the nearest thousand): A.) 33,000 B.) 36,000 C.) 69,000 D.) 30,000

Answers

A.) 33,000

Explanation:

The computation of the gross profit is as follows;

But before that following calculations need to be done

Percentage of completion = Cost incurred in 2020 ÷ Total cost

where,

Total cost = Cost incurred + estimated cost

= $180,000 + $200,000

= $380,000

Now

Percentage of completion is

= $180,000 ÷ $380,000

= 47.368%

Now  

Revenue to be recognized in year 2020 is

= contract revenue × percentage of completion

= $450,000 × 47.368%

= $213,156

So,

Gross profit = Revenue - Cost

= $213,156 - $180,000

= $33,156

= $33,000

The answer is yes it's correct they have to guarantee that job back when they come back

there's 11 people for the 1st position. then, no matter who gets it, there's only 10 left for the second, and then 9 left for the third. 11 x 10 x 9 = 990.   the answer is there are 990 different ways the positions can be filled by these applicants

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