WestCoast Co. started a contract in June 2011 to build a bridge at a fixed price of $14 million. The bridge was to be completed by October 2013. Total cumulative costs incurred by the end of December 2011 and 2012 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 2011, 2012, and 2013.
Definitions:
RMS
Root Mean Square, a statistical measure of the magnitude of a varying quantity, often used to compute the effective value of an alternating current or voltage.
Apparent
Refers to the apparent power in an AC circuit, combining both the real (true) power and reactive power, measured in volt-amperes (VA).
Inductive
Pertaining to the property of inductance, where a change in electric current through a conductor induces an electromotive force in both the conductor itself and any nearby conductors.
True
In alignment with reality or fact; not false.
Q8: The relatively low cost of compliance with
Q21: Of the following, which was NOT mentioned
Q21: Balance of payment (BOP)data may be important
Q28: What definition is used for "market" under
Q30: Which statement is not correct about inventory
Q41: Which is not a qualitative characteristic of
Q68: Apartment King (AK)is building a luxury condominium
Q83: Which item is an example of a
Q85: Explain how a manufacturing company can manipulate
Q143: Sing Songs Ltd. started operations on January