Stellar Inc. sells an irrigation system that cost $184,000 to McGraw Company for $365,000 on March 2, 2017. The sales price includes an installation fee. The standalone price of the installation fee is $54,000. The standalone price of the irrigation system is $344,000. The installation is considered a separate performance obligation and is expected to take 3 months to complete.

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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.