Summary data for Benedict Construction Co 's (BCC) Job 1227, which was completed in 2021, are presented below Bid price $ 450,000 Contract cost 2020 (180,000 ) 2021 (195,000 ) Gross profit 75,000 Estimated cost to complete 12 31 2020 $ 200,000 12 31 2021 0 Assuming BCC recognizes revenue over time according to the percentage of completion for this contract, Find the gross profit recognized in 2021 (rounded to the nearest thousand)

Question: Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below: Bid price $ 450,000 Contract cost: 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 cost:	2020		(180,000	)
	2021		(195,000	)
Gross profit:			75,000

Estimated cost to complete:


12/31/2020	$	200,000
12/31/2021		0

Assuming BCC recognizes revenue over time according to the percentage of completion for this contract, Find the gross profit recognized in 2021. (rounded to the nearest thousand):

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