Question: Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000. The project broke ground in 2010 and was

Alpha Great Construction was the best selection to build the Stoddard Temple for the amount of $2,500,000. The project broke ground in 2010 and was then completed in 2011. Below the cost and other data are shown below:

Alpha Great Construction is using the percentage of completion method to recognize revenue:
Compute the amount of gross profit recognized in 2010 and2011

Year Cost incurred during the year Estimated cost to complete Biling during the year Cash collections during the year 2010 S 555000 1200000 S 1500000 S 450000 1500000 S 2011 350000 1400000

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