Bernard Cabin Construction Company uses the percentage-of-completion method with the cost-to-cost method of measuring progress. Find the percentage completed and the amount of revenue in gross profit to be recognized for each year based on the following information.

Contract Price $710,000

2015 2016 2017

Actual Construction Cost

Incurred During the Year $187650 (11,150) $261,500

Estimated Total Costs $417,000 $350,000 $438,000

Begin by computing percentage of completion for each year (Round to nearest whole percent)

2015 2016 2017

Cumulative % complete? ? ? ?

Next compute the amount of revenue and gross profit to be recognized for each year. (Enter 0 for any zero amount. Enter percentage to nearest whole percent.

Revenue and Gross Profit Recognition 2015 2016 2017

Contract Price ? ? ?

Percent Complete %? %? %?

Cumulative Revenue ? ? ?

Revenue recognized in prior years ? ? ?

Current year revenue ? ? ?

Less actual costs ? ? ?

Gross profit recognized in the current year ? ? ?

Please answer all question marks