Alpha Great Construction was best selection to build Stoddard Temple for the amount of $2,500,000. The projecct brole ground 2010 and was completed in 2011. Below the cost and other data are shown below.
Year 2010 2011
Costs incurred during the year $555,000 1,200,000
Estimated Cost to Complete 1,500,000 0
Billings during the Year 450,000 1,500,000
Cash Collections during the Year 350,000 1,400,000
Alpha Great Constructuon is using the % of completion method to recognize revenue.
Compute the amount of gross profit recognized in 2010 and 2011.