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

2020 2021
Actual Costs Incurred $405,000 457,000
Estimated Remaining Costs 405,000 0
Billings to Date 360,000 690,000
Collections to Date 200,000 480,000

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