Rustic Construction Company uses the percentage of completion method of recognizing revenue on construction contracts. It uses full accrual accounting and prepares monthly financial statements. Rustic's records showed the following data relating to the construction of an office building:

Total contract awarded $97,200 Total estimated costs on the project $97,200 - $18,000 Payments from the buyer on April 25th = 30% of contract Payments from the buyer on June 17th = 30% of contract Payments from the buyer on July 30th = 40% of contract Costs incurred on the project and billed for the month of April = 40% of total Costs incurred on the project and billed for the month of May = 30% of total Costs incurred on the project and billed for the month of June = 30% of total Project was completed at the end of month 3.