2011 2012 2013

Total costs incurred to date $1,500,000 $2,640,000 $4,600,000

Estimated costs to complete 2,500,000 1,760,000 -0-

Customer billings to date 2,200,000 4,000,000 5,600,000

Collections to date 2,000,000 3,500,000 5,500,000

On February 1, 2011, Marsh Contractors agreed to construct a building at a contract price of $6,000,000. Marsh estimated total construction costs would be $4,000,000 and the project would be finished in 2013. Information relating to the costs and billings for this contract is as follows:

Percentage-of-Completion Gross Profit Completed-Contract Gross Profit

2011 ___________________________ 2011 ___________________________

2012 ___________________________ 2012 ___________________________

2013 ___________________________ 2013 ___________________________

Instructions: Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2011, 2012, and 2013