Given the Following Data, Calculate Profit Recognized in 2008 Under

question 105

Essay

Given the following data, calculate profit recognized in 2008 under the percentage of completion method for a project begun in 2008 with a contract price of $1,000? $\begin{array}{|l|c|c|}\hline & 2007 & 2008 \\\hline \text { Costs incurred this year } & \$ 100 & \$ 200 \\\hline \text { Total estimated costs remaining at end of year } & 700 & 400 \\\hline\end{array}$

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Definitions:

Inconsistency

The quality of being irregular or not staying the same throughout, often leading to unpredictability.

Discipline

a field of study or branch of knowledge but also refers to training people to obey rules or a code of behavior, using punishment to correct disobedience.

Rigidity

The quality of being unable to bend or be forced out of shape; often metaphorically used to describe inflexibility in thoughts, systems, or behaviors.

Permissiveness

A state or characteristic of allowing or accepting behavior that others might restrict or forbid.