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    Percentage of completion method for Syl Co

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    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?

    a. 26,667
    b. 0
    c. 13,333
    d. 33,333.

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    Solution Summary

    The solution determines the percentage of completion method for Syl Co.