Question: RRLG Construction Co. signed a $4,750,000 contract to construct a small retail space for VAM, LLC. The project will begin in 2022 and be

RRLG Construction Co. signed a $4,750,000 contract to construct a small retail

RRLG Construction Co. signed a $4,750,000 contract to construct a small retail space for VAM, LLC. The project will begin in 2022 and be completed in 2024. Below is a summary of events for each year: 2022 Costs incurred during the year $965,700 2023 $1,874,300 2024 $817,000 Estimated costs to complete 2,364,300 710,000 Billings during the year 1,115,000 2,695,000 940,000 Cash collections during the year 885,000 2,795,000 645,000 Required: Calculate the revenue and gross profit for each year and show all of your work

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