Percentage$-$of$-$completion and completed$-$contract methods

On January $1,2023,$ Falcon Construction Ltd$.$ started a construction project for $$4,500,000.$

Relevant data for $2023$ and $2024$ are as follows:

$20232024$

Current year billings $$3,100,000\mathrm{.}00$ $$1,400,000\mathrm{.}00$

Current year collections $$3,000,000\mathrm{.}00$ $$1,500,000\mathrm{.}00$

Current year const costs $$3,300,000\mathrm{.}00$ $$620,000\mathrm{.}00$

Est costs to complete $$600,000\mathrm{.}00$ $$-$

Instructions

Calculate the following amounts for each method:

Completed Contract Percentage of Completion

$2023202420232024$

f$.$ Gross profits

g$.$Contract asset$/$Liability year end balance

a$.$Costs in excess of billings