Percentage of Completion Contract Method Garvin's Construction has a contract to build a state of the art Oil Refinery. This will be the Tirst rerinery built in the U.S. in many years, and is being built by a consortium of several major oil companies. The contract cost is $10 billion and is expected to take 3 years to complete. Here are some of the relevant facts (All numbers in the table are in millions): Contract price: $10,000 2016 2017 2018 $ 500 $6,000 $2,500 $ 7,500 $ 4,200 $0 Construction costs incurred in the current year: Estimated costs to complete the contract at end of the year. Billings on the contract in the current year. Dollars collected on billings in the current year. $ 450 $5,000 $3,400 $ 400 $ 4,800 $3,600 Calculate revenues for each year (2016, 2017, and 2018) using the percentage-of-completion contract method. Calculate profit or loss for each year. n ow is one to their empany because one was burime