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Problem - In 20x1, Gorgeous Too Co. enters into a fixed-price construction contract with a customer. At contract inception, Gorgeous Too Co. assesses its performance obligations in the contract and concludes that it has a single performance obligation that is satisfied over time. Gorgeous Too Co. determines that the measure of progress that best depicts its performance on the contract is input method based on costs incurred. Information on the contract follows:
20x1
20x2
Cumulative contract costs incurred
2,250,000
4,800,000
Cumulative profits recognized
750,000
1,200,000
Progress billings
2,400,000
3,600,000
Collections on progress billings
2,000,000
4,000,000
The contract is completed in 20x2. What amount of revenue is recognized in 20x2?
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