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Ayayai Ltd. began work in 2023 on a contract for $964000. Other details follow: 2023 2024 Costs incurred during the year $162000 $491000 Estimated

Ayayai Ltd. began work in 2023 on a contract for $964000. Other details follow: 2023 2024 Costs incurred during the year $162000 $491000 Estimated costs to complete as of December 31 486000 0 Billings during the year 182600 722900 Collections during the year 155000 578000 Assume that Ayayai uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized in 2023 is $320000. $241000. $73000. $79000.

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