Fisck Construction began a construction project in 2016.
The contract price was $1,300,000 and estimated costs were $1,100,000.
Data for each year follow:
	2016	2017	2018
Costs incurred during the year	$ 250,000	$ 600,000	$ 210,000
Estimated costs to complete	$ 850,000	$ 230,000	0
Partial billings	$ 400,000	$ 600,000	$ 300,000
Collections	$ 385,000	$ 610,000	$ 305,000
Required:
Assuming Fisck satisfies its performance obligation over time, determine:
1. The balance of Construction in Progress at the end of 2016.
2. How the net amount for construction in progress inventory should be reported on the 2017 balance sheet.
3. The gross profit for 2018.