Percentage-of-Completion and Completed Contract Methods Philbrick Company signed a three-year contract to provide sales training to the employees of Elliot Company. The contract price is $2,400 per employee and the estimated number of employees to be trained is 1,000. The expected number to be trained in each year and the expected training costs follow. Number of Training Costs Employees Incurred 2016 $ 140,000 2017 160,000 2018 100 100,000 Total 1,000 $400,000 300 600 Required For each year, compute the revenue, expense, and gross profit reported assuming revenue is recognized using the following method. (Round your answer to two decimal places.) 1. Percentage-of-completion method, where percentage-of-completion is determined by the number of employees trained. Revenue Expense Gross Profit 2016 $ 2017 $ 2018 $ Total $ S S $ S $ 4 2. Percentage of completion method, where percentage-of-completion is determined by the costs incurred. Revenue Expense Gross Profit 2016 $ 2017 $ 2018 $ Total $ vo $ S $ s $ 3. Completed contract method. Revenue Expense Gross Profit 2016 $ $ $ 2017 A 2018 2 $ $ Total $ LA $