Summary data for Benedict Construction Co 's (BCC) Job 1227, which was completed in 2021, are presented below Bid price $ 450,000 Contract costs 2020 (180,000) 2021 (195,000) Estimated cost to complete 12 31 2020 $ 220,000 12 31 2021 0 BCC recognizes revenue over time according to percentage of completion for this contract The correct amount of revenue recognized in 2020 should be and the correct gross profit recognized in 2020 should be fill in the blanks

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Question: Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price $ 450,000 Contract costs: 2020 (180,000)

Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:

Bid price		$ 450,000
Contract costs:	2020	(180,000)
	2021	(195,000)


Estimated cost to complete:
12/31/2020	$ 220,000
12/31/2021	0

BCC recognizes revenue over time according to percentage of completion for this contract. The correct amount of revenue recognized in 2020 should be ____ and the correct gross profit recognized in 2020 should be ____.

fill in the blanks

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