During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job...

Transcribed Image Text:

During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $393,900 $889,380 $1,061,000 Estimated costs to complete 616,100 208.620 -0- Billings to date 303,000 902.000 1,620,000 Collections to date 273,000 814,000 1,418,000 J Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 $ Gross profit recognized in 2026 $ Gross profit recognized in 2027 $ During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $393,900 $889,380 $1,061,000 Estimated costs to complete 616,100 208.620 -0- Billings to date 303,000 902.000 1,620,000 Collections to date 273,000 814,000 1,418,000 J Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 $ Gross profit recognized in 2026 $ Gross profit recognized in 2027 $