Tullis construction tullis construction enters into a long-term fixed price contract to build an office tower for $10,000,000. in the first year of the contract tullis incurs $3,000,000 of cost and the engineers determined that the remaining costs to complete are $5,000,000. tullis billed $4,000,000 in year 1 and collected $3,500,000 by the end of the end of the year. refer to tullis corporation. how much gross profit should tullis recognize in year 1 assuming the use of the completed contract method?

The direct labor budget of yuvwell corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st quarter 2nd quarter 3rd quarter 4th quarterbudgeted direct labor-hours 11,200 9,800 10,100 10,900the company uses direct labor-hours as its overhead allocation base. the variable portion of its predetermined manufacturing overhead rate is $6.00 per direct labor-hour and its total fixed manufacturing overhead is $80,000 per quarter. the only noncash item included in fixed manufacturing overhead is depreciation, which is $20,000 per quarter. required: 1. prepare the company’s manufacturing overhead budget for the upcoming fiscal year.2. compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.