on february 1 2007 amanda beard construction company obtained a contract to build an 3387299

On February 1, 2007, Amanda Beard Construction Company obtained a contract to build an athletic stadium. The stadium was to be built at a total cost of $5,400,000 and was scheduled for completion by September 1, 2009. One clause of the contract stated that Beard was to deduct $15,000 from the $6,600,000 billing price for each week that completion was delayed. Completion was delayed 6 weeks, which resulted in a $90,000 penalty. Below are the data pertaining to the construction period. ? Instructions Using the percentage-of-completion method, compute the estimated gross profit recognized in the years2007–2009.

 

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