Monroe Construction Company uses the percentage-of-completion method of accounting. In 20x4, Monroe began work on a contract it had received which provided for a contract price of $15,000,000. Other details follow: Costs incurred during the year                               $7,200,000 Estimated costs to complete as of December 31   4,800,000 Billings during the year                                              6,600,000 Collections during the year                                       3,900,000 What should be the gross profit recognized in 20x4?

Shumpert, Inc. entered into a contract that was to take two years to complete, with an estimated cost of $2,257,600. The contract price was $3,160,640. Costs of the contract for 2014, the first year, totaled $1,693,200.   a. What was the gross profit reported by the percentage of completion method for 2014?

Sheffield Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $55,600. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,600 was classified as indirect materials. Factory labor costs incurred were $65,100, of which $51,800 pertained to factory wages payable and $13,300 pertained to employer payroll taxes payable. Time tickets indicated that $55,700 was direct labor and $9,400 was indirect labor. Manufacturing overhead costs incurred on account were $85,500. Depreciation on the company's office building was $8,700. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $94,000 were completed and transferred to finished goods. Finished goods costing $80,200 to manufacture were sold on account for $113,700. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent…

Hel Jordan Services Company has 68 employees, 26 of whom are assigned to Division A and 42 to Division B. Jordan incurred $413,440 of fringe benefits cost during year 2. Required Determine the amount of the fringe benefits cost to be allocated to Division A and to Division B. Allocated Cost Division A B