MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20X2. Information relating to the contract follows: Costs incurred during the year Estimated additional cost to complete Billings during the year Cash collections during the year $ What should be the construction revenue recognized in 20x1? 20X1 290,000 $ 145,000 260,000 240,000 20X2 150,000 265,000 285,000

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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.