Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2018, are presented below: Estimated cost to complete: Assuming BCC used the cost recovery method to recognize revenue under IFRS, what would gross profit have been in 2017 and 2018 (rounded to the nearest thousand)?
A) Option a
B) Option b
C) Option c
D) Option d

Question

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2018, are presented below:  Estimated cost to complete:  Assuming BCC used the cost recovery method to recognize revenue under IFRS, what would gross profit have been in 2017 and 2018 (rounded to the nearest thousand)? 
A) Option a 
B) Option b 
C) Option c 
D) Option d

Quizplus · Accepted Answer

No revenue is recognized until completion of project in year 2018.

Summary Data for Benedict Construction Co