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What contract costs incurred were

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Blues Construction Corp. has consistently used the percentage-of-completion method. During 2020, Blues entered into a fixed-price contract to construct an office building for $6,000,000. Information relating to the contract is as follows:
  
At December 31                                                    2020                 2021
Percentage of completion                              15%                 45%
Estimated total cost at completion               $4,500,000        $4,800,000
Gross profit recognized (cumulative)                225,000                 540,000

Problem 1: Under the earnings approach, contract costs incurred during 2021 were?

Reference no: EM132825217

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