Question: Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price Contract cost: 2020 2021 $ 450,000

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price Contract cost: 2020 2021 $ 450,000 (180,000) (195,000) 75,000 Gross profit: Estimated cost to complete: 12/31/2020 $200,000 12/31/2021 0 Assuming BCC recognizes revenue upon project completion, what would gross profit have been in 2020 and 2021 (rounded to the nearest thousand)? a. b. 2020 $36,000 $30,000 $70,000 $ 0 2021 $39,000 $45,000 $ 5,000 $75,000 c. d

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