Required information Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,880,000. The project was begun in 2015 and completed in 2016. Cost and other data are presented below: year 2015 2016 Costs incurred during the $ 426,000 $1,180,000 Estimated costs to complete 994,000 0 Billings during the year 440,000 1,440,000 Cash collections during the 340,000 1,540,000 year Assume that Beavis recognizes revenue upon completion of the project. Required: Compute the amount of gross profit recognized during 2015 and 2016. 2015 2016