Required information The following information applies to the questions displayed below.) Beavis Construction Company was...
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Required information The following information applies to the questions displayed below.) Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,830,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 441,000 $1,130,000 1,029.000 D 415,000 1,415,000 315,000 2,515,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: Compute the amount of gross profit recognized during 2017 and 2018 Amount of gross profit recognized in 2017 Amount of gross profit recognized in 2018
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