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What the portion of the total gross profit

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Question - Hemsworth Ltd. Began work in 2020 on a contract for $960,000. Other details follow:

 

2020

2021

Costs incurred during the year

$160,000

$490,000

Estimated costs to complete as of December 31

480,000

0

Billings during the year

180,000

720,000

Collections during the year

150,000

975,000

Required - Assume that Hemsworth uses the completed-contract method of accounting. What the portion of the total gross profit to be recognized in 2021?

Reference no: EM132847795

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