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Beavis Construction Company was the low bidder on a construction project to build an earthen...

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Accounting

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,860,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $ 432,000 $ 1,160,000 Estimated costs to complete 1,008,000 0 Billings during the year 430,000 1,430,000 Cash collections during the year 330,000 1,530,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2020 and 2021.

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