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What amount should bing recognize as gross profit

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During 2020, Bing Corp. started a construction job with a total contract price of $1,050,000. Bing has consistently used the completed contract method. The job was completed on December 15, 2021.

Additional data are as follows:

                                                             2020                   2021
Actual costs incurred                 $405,000          $457,000
Estimated remaining costs          405,000               -
Billings to date                      360,000                   690,000
Collections to date               200,000                 480,000

Problem 1: For 2021, what amount should Bing recognize as gross profit?

Reference no: EM132825224

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