Cosmo Computer Consultants (CCC) signed a contract in 2022 to develop a computer network system for Platinum Entertainment. Cosmo uses the percentage-of completion method and determines its measure of progress using the cost-to-cost approach. The firm provided the following information for 2022.

Compute the percentage completed, gross profit recognized, and the amount of the revenue recorded in 2022.

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Contract price Actual construction costs incurred during the year Estimated total costs Progress billings made during the year Cash collections during the year $85,000 2022 $12,000 60,000 30,500 25,000