Cullumber Construction Company uses the percentage-of-completion method of accounting. In 2025, Cullumber began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year (a) Your answer is correct. Revenue recognized in 2025 Revenue recognized in 2026 $ 2025 $ $658,560 909,440 421,000 348,000 918540 2026 What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.) 1268460 $1,408,000 -0- 1,667,000 1,527,000

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.