During 2020, Crane Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 2021 $366,300 $831,440 623,700 297,000 894,000 270,000 816,000 Your Answer Correct Answer (Used) * Your answer is incorrect. Gross profit recognized in 2020 $ Gross profit recognized in 2021 262,560 Gross profit recognized in 2022 $ 2022 $1,067,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. 1,590,000 1,417,000 716,000 -0- 545,500 452,900

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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.