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Computing Revenue and Gross Profit on Long-term Construction Contract Supplier Corp. enters into a government contract in 2020 to provide computer equipment for $2 million. The contract consists of a single performance obligation to provide specified equipment in three years. Total costs estimated by Supplier Corp. for the contract are $1.4 million. The equipment is highly specialized and has no alternative uses. As negotiated in the contract, any costs incurred by Supplier Corp. plus a specified profit margin will be paid to Supplier Corp. in the event of a contract cancellation. Actual costs incurred in 2020 were $650,000 including unexpected cost overruns of $80,000 due to labor inefficiencies. At the end of 2021, the estimate of total costs has increased to $1.50 million due to an increase in cost of materials. Actual costs incurred to date are $1,150,000, excluding year one inefficiencies. a. Calculate (1) recognized revenue, (2) the gross profit, and (3) adjusted contract margin to be recorded in 2021. Note: Round each of your answers to the nearest dollar. 1. Recognized revenue $ 0 2. Gross profit 0 3. Adjusted contract margin b. Calculate (1) cumulative recognized revenue, (2) cumulative gross profit, and (3) cumulative adjusted contract margin at the end of 2021. Note: Round each of your answers to the nearest dollar. 1. Cumulative recognized revenue 2. Cumulative gross profit 383,333 3. Cumulative adjusted contract margin 0 $ 0 0 Computing Revenue and Gross Profit on Long-term Construction Contract Supplier Corp. enters into a government contract in 2020 to provide computer equipment for $2 million. The contract consists of a single performance obligation to provide specified equipment in three years. Total costs estimated by Supplier Corp. for the contract are $1.4 million. The equipment is highly specialized and has no alternative uses. As negotiated in the contract, any costs incurred by Supplier Corp. plus a specified profit margin will be paid to Supplier Corp. in the event of a contract cancellation. Actual costs incurred in 2020 were $650,000 including unexpected cost overruns of $80,000 due to labor inefficiencies. At the end of 2021, the estimate of total costs has increased to $1.50 million due to an increase in cost of materials. Actual costs incurred to date are $1,150,000, excluding year one inefficiencies. a. Calculate (1) recognized revenue, (2) the gross profit, and (3) adjusted contract margin to be recorded in 2021. Note: Round each of your answers to the nearest dollar. 1. Recognized revenue $ 0 2. Gross profit 0 3. Adjusted contract margin b. Calculate (1) cumulative recognized revenue, (2) cumulative gross profit, and (3) cumulative adjusted contract margin at the end of 2021. Note: Round each of your answers to the nearest dollar. 1. Cumulative recognized revenue 2. Cumulative gross profit 383,333 3. Cumulative adjusted contract margin 0 $ 0 0