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Crane Construction Co. has consistently used the percentage-of-completion method of recognizing revenue.

Crane Construction Co. has consistently used the percentage-of-completion method of recognizing revenue. During 2018, Crane entered into a fixed-price contract to construct an office building for $27000000. Information relating to the contract is as follows:


          At December 31          

2018 2019

Percentage of completion 10% 40%

Estimated total cost at completion $20000000 $21400000

Gross profit recognized (cumulative) 1380000 3310000



Contract costs incurred during 2019 were


$5250000.


$6560000.


$8190000.


$8560000.

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