QUESTION 5 Partially correct Mark 0.75 out of 1.00 Flag question Edit question 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 $1,200 per employee and the estimated number of employees to be trained is 400. The expected number to be trained in each year and the expected training costs follow Number of Training Costs Employees Incurred 125 2016 $60,000 200 2017 75,000 75 40,000 2018 400 $175,000 Total Required For each year, compute the revenue, expense, and gross profit reported assuming revenue is recognized using the following method (Do not round until your final answers. Round your answers to two decimal places.) 1. Percentage-of-completion method, where percentage-of-completion is determined by the number of employees trained Gross Profit Revenue Expense 2016 S 150,000 54,687.5 S95,312.5 2017 S 240,000 S 87.500 S152,500 2018 S90,00032,812.5 S57,187.5 otal 480.000 175,000 305,000 2. Percentage-of-completion method, where percentage-of-completion is determined by the costs incurred Gross Profit Revenue Expense 2016 S 150,000 S 54,687.5 $ 95.312.5 2017 $ 240.000 $ 87,500 $ 152.500 90,000 S 32.81 2.5 X $ 57,187.5 2018 s 480,000 $ 175,000 $ 305,000 Tota Gross Profit Revenue Expense 2016 $ 2017 S 0 2018 S 480,000S175,000$ 305,000 Total S 480,000 S 175,000 S 305,000