WestCoast Co.started a contract in June 2017 to build a bridge at a fixed price of $14 million.The bridge was to be completed by October 2019.Total cumulative costs incurred by the end of December 2017 and 2018 were $2 million and $6 million,respectively.WestCoast Co.is unable to estimate the total costs of the project prior to completion.Final costs at the end of the project totaled $11 million.
Required:
Determine the amount of revenue,cost of sales,and gross profit WestCoast Co.would report in 2017,2018,and 2019.

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The Answer of WestCoast Co.started a contract in June 2017 to build a bridge at a fixed price of $14 million.The bridge was to be completed by October 2019.Total cumulative costs incurred by the end of December 2017 and 2018 were $2 million and $6 million,respectively.WestCoast Co.is unable to estimate the total costs of the project prior to completion.Final costs at the end of the project totaled $11 million.
Required:
Determine the amount of revenue,cost of sales,and gross profit WestCoast Co.would report in 2017,2018,and 2019.