Meberick Company has consistently used the percentage-of-completion method of recognizing income. In 2021, Bruner started work on a €49,000,000 construction contract that was completed in 2022. The following information was taken from Meberick 's 2021 accounting records. What amount of gross profit should Bruner have recognized in 2021 on this contract? Progress billings                                                 €15,400,000

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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.