A B C D E F G H Thompson Construction began a construction project in 2018. The contract price was $1280000, and the estimated costs were $1010000. Data for each year of the contract are as follows: 2018 2019 2020 Costs incurred during the year $260,000 $580,000 $195,000 Estimated costs to complete 730,000 224,500 Partial billings 395,000 500,000 385,000 Collections 192,000 489,000 599,000 Required: Assuming Thompson satisfies its performance obligation over time, determine: 1. The balance of Construction in Progress at the end of 2018. 2. The net amount for construction in progress inventory that should be reported on the 2019 balance sheet. 6 7 3. The gross profit for 2020. B 19 20