During 2020, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2022. The following information is available.   2020 2021 2022 Costs incurred to date $400,000 $825,000 $1,070,000 Estimated costs to complete   600,000   275,000 –0– Billings to date   300,000   900,000   1,600,000 Collections to date   270,000   810,000   1,425,000 Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used.

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.