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Note 5 - Contracts in Progress | 12 Months Ended
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Nov. 30, 2023
Notes to Financial Statements |
Long-Term Contracts or Programs Disclosure [Text Block] |
(5) | 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, 2023 |  |  |  |  |  |  |  |
Costs |  | $ | 839,161 |  |  | $ | 3,228,941 |
Estimated earnings |  |  | 299,230 |  |  |  | 1,421,112 |
|  |  | 1,138,391 |  |  |  | 4,650,053 |
Less: amounts billed |  |  | (849,109 | ) |  |  | (5,001,342 | )
|  | $ | 289,282 |  |  | $ | (351,289 | )
November 30, 2022 |  |  |  |  |  |  |  |
Costs |  | $ | 848,516 |  |  | $ | 731,490 |
Estimated earnings |  |  | 293,094 |  |  |  | 138,568 |
|  |  | 1,141,610 |  |  |  | 870,058 |
Less: amounts billed |  |  | (690,704 | ) |  |  | (1,198,099 | )
|  | $ | 450,906 |  |  | $ | (328,041 | )
The amounts billed on long-term contracts are due 30 days from invoice date. All amounts billed are expected to be collected within the next 12 months. Retainage included in accounts receivable was $28,082 and $4,087 as of November 30, 2023 and 2022, respectively.

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