Contract Price A large contract is to be completed in five stages. The completion stage at the end of an accounting period shows the present position. It is a fixed price contract without any escalation clause. Estimate Actual Phases Original Revised up- Cost todate $ $ $ $ 60,000 1. Certified 64,000 62,000 80,000 20,000 22,000 21,000 2. Completed but not certified 30,000 20,000 22,000 16,600 26,000 3. Completed 75% 40,000 48,000 12,400 60,000 4. Completed 25% 24,000 30,000 28,000 5. Incomplete 1,64,000 1,86,000 1,12,000 2,24,000 Evaluate the profit to be taken in the accounts of the period if the contractor adopts (a) The percentage of completion method (6) The completed contract method. Also show the work-in- progress in the Balance Sheet, if $ 80,000 is received as final payment for completion of the first phase