Question: During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job

During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021. Additional data are as follows:

2020 2021

Actual costs incurred $405,000 $457,000

Estimated remaining costs 405,000

Billings to date 360,000 690,000

Collections to date 200,000 480,000

For 2021, what amount should Bing recognize as gross profit?

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