During 2020, Becker Company started a construction project w…

During 2020, Becker Company started a construction project with a contract price of $2,100,000.  The following information was available for the project: 2020 2021 2022 Cost incurred to date             $450,000        $936,000        $1,500,000 Estimated costs to complete             1,050,000        504,000                       –   What amount of construction expense will Becker record on their 2021 income statement?  (Round intermediate calculations to 4 decimals and final calculations to whole dollars)

Burt’s Bees reported the following information related to th…

Burt’s Bees reported the following information related to their inventory: January 1, 2020 December 31, 2020 FIFO Inventory Value 4,500,000 5,100,000 LIFO Inventory Value 4,300,000 4,600,000 Burt’s reports their inventory using FIFO for internal purposes and then records an adjusting journal entry each year to adjust to LIFO for external financial reporting purposes.  The adjusting entry on December 31, 2020 would include: