BuffaloConstruction Company uses the percentage-of-completion method of accounting. In 2017, Buffalo began work under contract #E2-D2, which provided for a contract price of $2,227,000. Other details follow:

2017 2018

Costs incurred during the year $647,600 $1,405,000

Estimated costs to complete, as of December 31 971,400 -0-Billings to date 415,000 2,227,000

Collections during the year 353,000 1,523,000

What portion of the total contract price would be recognized as revenue in 2017? In 2018?

Revenue recognized in 2017 $ 890,800

Revenue recognized in 2018 $1,336,200

Assuming the same facts as those above except that Buffalo uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2018?

Revenue recognized in 2018 $2,227,000

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