WestCoast Co.started a contract in June 2017 to build a bridge at a fixed price of $14 million.The bridge was to be completed by October 2019.Total cumulative costs incurred by the end of December 2017 and 2018 were $2 million and $6 million,respectively.WestCoast Co.is unable to estimate the total costs of the project prior to completion.Final costs at the end of the project totaled $11 million.
Required:
Determine the amount of revenue,cost of sales,and gross profit WestCoast Co.would report in 2017,2018,and 2019.
Definitions:
pH
A numeric scale used to specify the acidity or basicity of an aqueous solution, where a value of 7 is neutral, values less than 7 are acidic, and values greater than 7 are basic.
Alanine
A non-essential amino acid used by the body to build proteins and play a key role in glucose metabolism.
Distilled Water
Water that has been boiled into vapor and recondensed into liquid, removing impurities and dissolved minerals.
Denaturation
The process by which proteins lose their native structure due to external stress or compounds, leading to a loss of biological activity.
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