Use this information to answer the following questions: Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1.800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: 2017 2019 Costs incurred during the year $450,000 $1,100,000 Estimated costs to complete 1.050,000 0 Billings during the year 400.000 1.400,000 Cash collections during the year 300,000 1.500,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2017 and 2018. TT T Arial 3 (12pt) TE Path: P Words:0 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save