Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $ 486500 $1,000,000 Estimated costs to complete 903,500 0 Billings during the year 455,000 1,245,000 Cash collections during the year 355,000 1,345,000 ) Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.

Gross Profit 2020 and 2021