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On February 1, 2020, Metlock Contractors agreed to construct a building at a contract price of $5,780,000. Metode estimated total construction costs would be 53.14.000

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On February 1, 2020, Metlock Contractors agreed to construct a building at a contract price of $5,780,000. Metode estimated total construction costs would be 53.14.000 and the project would be finished in 2022. Information relating to the costs and lings for this contract is as follows: 2020 2021 2022 Total costs incurred to date $1,494,000 $2,628,000 $4,590,000 Estimated costs to complete 2,490,000 1,752,000 - Customer billings to date 2,180,000 3,984,000 5,580,000 Collections to date 1,980,000 3,480,000 5,480,000 Fill in the correct amounts on the following schedule for percentage of completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2020 2021, and 2022. Percentage-of-Completion Completed Contract Gross Profit Gross Profit 2020 2020 2021 2021 2022 2022

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