Prksh answered the following question: In February 1, 2007, York Contractors agreed to construct a building at a contract price of $6,000,000.
York estimated total construction costs would be $4,000,000 and the project would be finished...
The answer to the first problem is totally wrong. First of all it as for the gross profit using the percentage of completion method, he stopped at creating a percentage. Secondly, on a completed contract, how is gross profit being shown in other years other than the last year?