How to Format Gross Profit on Excel:

During 2021, Wilcox Company started a construction job with a contract price of $1,000,000. The job was completed in 2023. The following information is available Costs incurred to date Estimated costs to complete Billings to date Collections to date 2021 2022 2023 $ 280,000 $ 320,000 $ 800,000 420,000 320,000 800,000 350,000 550,000 1,000,000 250,000 500,000 950,000 A. Gross profit recognized 2021 2022 2023 Contract price XXXX xxxx Costs: Costs to date Estimated cost to complete Total estimated cost XXXX XXXX Total estimated profit XXXX XXXX X Percentage completed to date * Total gross profit recognized xxxx XXXX Less: Gross profit from previous years Gross profit recognized in current year xxxx * Show calculations of Gross Profit percentages for each year 2021 Percentage to date 2022 Percentage to date 2023 Percentage to date