Question #6 (8 marks) 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 Construction expenses Gross profit $250,000 200,000 $ 50,000 Calculate the initial estimated total cost, and the initial estimated total profit