What is the fixed contract price


In 2011, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC uses the percentage-of-completion method to account for such projects and provides you with the following information (dollars in millions):Accounts receivable (from construction progress billings)$37.5Actual construction costs incurred in 2011$135Cash collected on project during 2011$105Construction in progress, 12/31/11$207Estimated percentage of completion during 201160%What is the fixed contract price for CCC's project?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What is the fixed contract price
Reference No:- TGS067337

Expected delivery within 24 Hours