de presented below: Beavis Construction Company was the low bidder on a construction project to build an earthen VI - Methods of Construction Accounting Om for P1 800,000. The project was begun in 20x4 and completed in 20x5. Cost and other data 20x4 20x5 P450,000 P1,100,000 1.200,000 0 400,000 1,400,000 300,000 1,500,000 Cost incurred during the year Estimated costs to complete elings during the year Cosh collections during the year. Required: Compute the amount of gross profit recognized during 20x4 and 20x5. 1. Assume that Beavis uses the overtime (percentage-of-completion) method to revenue 2. Assume that Beavis uses the point-in-time (cost recovery) method for revenue recognition recognition VUL. Methods of Construction Accountin