Answered: - Lopez Inc. began working in 2014 on contract #3814, which

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Answered: - Lopez Inc. began working in 2014 on contract #3814, which

Lopez Inc. began working in 2014 on contract #3814, which provided for a contract price of $4,800,000. Other details:

? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2014 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?2015

Costs incurred during the year ? ? ? ? ? ? ? ? ? ? ?$800,000 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $2,450,000

Estimated costs to complete as of 12/31 ? ? ? ?$2,400,000 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?$0

Billings during the year ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? $900,000 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?$3,600,000

Collections during the year ? ? ? ? ? ? ? ? ? ? ? ? ? $600,000 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?$3,900,000

Assume that Lopez uses the percentage-of-completion method of accountig. The portion of the total gross profit to be recognized as income in 2014 is

a. $300,000

b. $400,000

c. $1,200,000

d. $1,600,000

Assume that Lopez uses the completed-contract method of accounting. The portion of the total gross profit to be recognized as income in 2015 is

a. $600,000

b. $900,000

c. $1,550,000

d. $4,800,000

PLEASE SHOW ALL CALCULATIONS. THANK YOU.

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