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During 2020, Culver Company started a construstion job with a contract price of $1,620,000. ...

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Accounting

During 2020, Culver Company started a construstion job with a contract price of $1,620,000. The job was completed in 2022. The following information is available.
202020212022
Costs insurred to date $444,400 $867,420 $1,060,000
Estimated costs to complete $565,600 $230,580 $0
Billings to date 301,000904,0001,620,000
Collecions to date 272,000814,0001,411,000
(a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completiion metnod is used.
Gross profit recognized in 2020 $
Gross profit recognized in 2021 $
Gross profit recognized in 2022 $
(b)
(c)

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