Refer to the photo below:

LULU CONSTRUCTION COMPANY began operations in 2017. Construction activity for the first year is shown below. All contracts are with different customers, and any remaining work at December 31, 20x7 is expected to be completed in 20x8. Proj . Total Billings Cash Collections Contract Cost Estimated Contract through through incurred through Additional Cost Price 12/31/20x7 12/31/20x7 12/31/20x7 to Complete 280, 000 180, 000 340, 000 225, 000 70, 000 335, 000 110, 000 210, 000 63,000 252,000 250,000 250,000 440, 000 165, 000 -0- 865, 000 540,000 495, 000 453, 000 322, 000