Summary Data for Benedict Construction Co

question 33

Multiple Choice

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2018, are presented below: Estimated cost to complete:
- Assuming BCC recognizes revenue over time according to percentage of completion for this contract, the gross profit recognized in 2018 would be (rounded to the nearest thousand) :

• A) $6,000.
• B) $39,000.
• C) $42,000.
• D) $45,000.

---

Definitions:

Rapidly Declining Occupations

Jobs or professions experiencing a significant decrease in demand, often due to technological advancements, economic shifts, or changes in consumer preferences.

Output Effect

The output effect is the change in total revenue resulting from selling additional units of a product, considering the impact on price due to supply and demand.

Elastic Demand

A condition where the quantity demanded of a good or service is highly responsive to changes in its price.

Output Effect

The impact on total revenue when a firm changes its output level, considering demand elasticity.