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Note 4 - Contracts in Progress | 12 Months Ended
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Nov. 30, 2020
Notes to Financial Statements |
Long-term Contracts or Programs Disclosure [Text Block] |
( 4 ) | Contracts in Progress
Amounts included in the consolidated financial statements related to uncompleted contracts are as follows:
|  | Cost and Profit in |  |  | Billings in Excess of |
|  | Excess of Billings |  |  | Costs and Profit |
November 30, 2020 |  |  |  |  |  |  |  |
Costs |  | $ | 511,152 |  |  | $ | 9,697,061 |
Estimated earnings |  |  | 98,084 |  |  |  | 579,747 |
|  |  | 609,236 |  |  |  | 10,276,808 |
Less: amounts billed |  |  | (553,210 | ) |  |  | (10,553,034 | )
|  | $ | 56,026 |  |  | $ | (276,226 | )
November 30, 2019 |  |  |  |  |  |  |  |
Costs |  | $ | 3,805,906 |  |  | $ | 629,501 |
Estimated earnings |  |  | 1,044,612 |  |  |  | 155,790 |
|  |  | 4,850,518 |  |  |  | 785,291 |
Less: amounts billed |  |  | (4,123,851 | ) |  |  | (874,222 | )
|  | $ | 726,667 |  |  | $ | (88,931 | )
The amounts billed on these long-term contracts are due 30 days from invoice date. All amounts billed are expected to be collected within the next 12 months. Retainage was $36,488 and $0 as of November 30, 2020 and 2019, respectively.

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