Question: In 201, Alpha Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the

In 201, Alpha Construction began work on a contract with a price of $850,000 and estimated costs of $595,000. Data for each year of the contract are as follows: 1. Under the percentage-of-completion methed of revenue recognition, gross profit in 201 1. Under the percentage-of-completion method of revenue recognition, gross profit in 201 would be 2. Under the percentage-of-completion method of revenue recognition, the balance in Construction in Progress at the end of 201 would be 3. Under the completed contract method of revenue recognition, the balance in Construction in Progress at the end of 201 would be

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