During 2023, Cullumber Company started a construction job with a contract price of $1,984,000. The job was completed in 2025, The following information is available. The contract is non-cancellable. Costs incurred to date Estimated costs to complete Billings to date (non-refundable) Collections to date (a) $496,000 744,000 372,000 334,800 Show Transcribed Text 2024 $1,023,000 2023 341,000 1.116.000 1,004,400 2025 $1,326.800 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used Enter negative amounts using either a negative sign preceding the number eg -45 or porentheses es (451) 0 1.984.000 1.767,000 2024 2025

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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.