Current Attempt in Progress Vaughn Construction Company uses the percentage-of-completion method of accounting. In 2020, Vaughn began work under contract #E2-D2, which provided for a contract price of $2,161,000. 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 incorrect. Revenue recognized in 2020 Revenue recognized in 2021 eTextbook and Media List of Accounts Save for Later What portion of the total contract price would be recognized as revenue in 2020? In 2021? $ 2020 $636,400 954,600 417,000 345,000 $ 2021 $1,435,000 -0- 2,161,000 1,519,000 Attempts: 1 of 3 used Submit Answer

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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.