Southtel is a builder of large digital networks. In the midst of the high-tech euphoria, the company bid and won a $49,000,000 contract to build a network for the country of Elbonia Details on the project over the last three years are as follows: (Click the icon to review the project data) Requirement Compute the amount of revenue, cost of goods sold (COGS), and gross profit (or loss) to be recognized in each of the three years. The company uses the percentage of completion method to account for long-term contracts. Record your answer in the following table X Data table Requirement. Compute the amount of revenu of completion method to account for long-term minus sign to enter a gross loss) he percentage theses or a Tin 5000's) Year 1 Year 2 Year 3 Cumulative costs incurred 15.250 $ 31,850 $ 55.000 (in 5000's) Year 1 Revenue COGS 15 Additional costs to complete estimated at year end Amounts invoiced to client in each year 45,750 17,150 0 11,250 20.050 23.000 Cash collected 10,750 19.850 18.400 Expected loss (recovery) -Gross profit (loss) Print Done Clear all Check answer