$2022$

$2023$

Current year construction costs

$ $3,300,000$

$ $620,000$

Estimated remaining costs to complete

$600,000$

$-0-$

Current year billings

$3,100,000$

$1,400,000$

Current year collections

$3,000,000$

$1,500,000$

Required

Calculate the following amounts for each method:

Completed Contract

Percentage of Completion

$2022$

$2023$

$2022$

$2023$

Gross Profit

$ $?$

$ $?$

$ $?$

$ $?$

Construction in progress year$-$end balance.

$ $?$

$ $?$

$ $?$

$ $?$

Costs in excess of billings $($Billings in excess of costs$)$

$ $?$

$ $?$

$ $?$

$ $?$