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.

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