Ivanhoe Construction Company had a contract starting April 2021, to construct a $23000000 building that is expected to be completed in September 2023, at an estimated cost of $21000000. At the end of 2021, the costs to date were $7560000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $3800000 and the cash collected during 2021 was 3100000. Ivanhoe uses the percentage-of-completion method. At December 31, 2021 Ivanhoe would report Construction in Process in the amount of:

$8280000

Explanation:

From the given information;

The percentage of the completion method used in construction is equal to the contract price multiplied by the percentage of estimated total cost incurred to date i.e.

Cumulative cost to date        $7560000

Estimated total cost               $21000000      

Percentage of completion                  36%       (  $7560000/ $21000000  )      

The contract price for this project is  $23000000

Therefore,

At December 31, 2021  Ivanhole would report construction in process in the amount of:  $23000000 × 36%

= $8280000

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