27. Shumpert, Inc., entered into a contract that was to take two years to com- plete, with an… 1 answer below »

27.              Shumpert, Inc., entered into a contract that was to take two years to com- plete, with an estimated cost of $900,000. The contract price was  $1,300,000.

Costs of the contract for 2014, the first year, totaled $675,000.

a.      What was the gross profit reported by the percentage of completion method for 2014?

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b.     After the contract was completed at the end of 2015 at a total cost of $950,000, what was the gross profit reported by the percentage of completion method for 2015?

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