In 2021, Alpha Construction began work on a contract with a price $850,000 and estimated costs of $595,000 Data for each year of the contract are as follow 2021 2022 2023 Costs incurred during the year $238,000 $319,600 $105,000 Estimated costs to complete $357,000 $139,400 $0 Partial billings $260,000 $210,000 $380,000 Collections $240,000 $200,000 $410,000 Under the percentages of completion method of revenue recognition, gross profit in 2021 would be Under the percentages of completion method of revenue recognition, the balance in Construction in Progress at the end of 2021 would be Under the completed contract method of revenue recognition, the balance in Construction in Progress at the end of 2021 would be

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Question: In 2021, Alpha Construction began work on a contract with a price $850,000 and estimated costs of $595,000. Data for each year of the contract

In 2021, Alpha Construction began work on a contract with a price $850,000 and estimated costs of $595,000. Data for each year of the contract are as follow:

2021 2022 2023

Costs incurred during the year $238,000. $319,600 $105,000

Estimated costs to complete $357,000 $139,400 $0

Partial billings $260,000 $210,000 $380,000

Collections $240,000 $200,000 $410,000

Under the percentages-of-completion method of revenue recognition, gross profit in 2021 would be?
Under the percentages-of-completion method of revenue recognition, the balance in Construction in Progress at the end of 2021 would be?
Under the completed contract method of revenue recognition, the balance in Construction in Progress at the end of 2021 would be?

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