Required information {The following information applies to the questions displayed below) In 2021, the Westgate...
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Required information {The following information applies to the questions displayed below) In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows 2021 2022 Cost incurred during the year $2,550,000 $4,250,000 $1,870,000 Estimated costs to complete as of year-end 5,950,000 1,700,000 Billings during the year 2,050,000 4,750,000 3,200,000 Cash collections during the year 1,025,000 4,100,000 4,075,000 2023 Westgate recognizes revenue over time according to percentage of completion 4. Calculate the amount of revenue and gross profit (oss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information (Do not found intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) Costs incurred during the year Estimated costs to complete as of year-end 2021 2022 21123 $2,550,000 $3,825,000 $3,225,000 5,950,000 3,125,000 2021 2022 2023 Revenue Gross profit (los)
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