In 2016, Harhash construction began construction work on a 3-year contract. The contract price was $875,000. Harhash uses the percentage of completion method {PC}. PC = [Costs incurred to date]/[Total estimated costs] The income statement for the project in 2016 is given below: Construction revenue $250,000 Construction expenses 200,000 Gross profit $ 50,000 Calculate the initial estimated total cost, and the initial estimated total profit.