Exercise $18-34($Algorithmlc$)($LO$.5)$

Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $$2,008,000.$ The contract price was $$2,811,200.$ Costs of the contract for $2022,$ the first year, totaled $$1,506,000.$

If required, round any division to two decimal places and round your final answers to the nearest dollar.

a$.$ What was the gross profit reported by the percentage of completion method for $2022?$

b$.$ After the contract was completed at the end of $2023$ at a total cost of $$2,108,400,$ what was the gross profit reported by the percentage of completion method for $2023?$

s