Table:
|  |  | For the Year Ended December 31, 2018 |  |
| --- | --- | --- | --- |
|  | As Reported | Without Adoption of ASC 606 | Impact of Adoption of ASC 606 |
| Revenue | $70,965 | $68,845 | $(2,120) |
| Cost of goods sold | 58,701 | 57,471 | (1,230) |
| Gross profit | 12,264 | 11,374 | (890) |
Paragraphs:
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from the Company’s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.
The following tables summarize the impact of the adoption of ASC 606 on the Company’s condensed consolidated statement of operations for the year ended December 31, 2018 and the consolidated balance sheet as of December 31, 2018:
Question:
What is the gross profit ratio for the year ended December 31, 2018?
Answer: 12264/70965 = 0.17