See attached Excel file.
The following data relates to a construction job started by Syl Co. during 2011:
Total contract price 100,000
Actual costs during 2011 20,000
Estimated remaining costs 40,000
Billed to customer during 2011 30,000
Received from customer during 2011 10,000
Under the percentage-of-completion method, how much should Syl recognize as gross profit for 2011?
The solution determines the percentage of completion method for Syl Co.