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