Beavis Construction Company was the low bidder on a construction project to bulld an earthen dam for $1,810.000. The project was begun in 2020 and completed in 2021. Cost and other data are presented...

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Extracted text: Beavis Construction Company was the low bidder on a construction project to bulld an earthen dam for $1,810.000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $ 447,000 S1,110,000 1,043,000 405, 000 1,405,000 30s,000 1,505,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2020 and 2021. Amount of gross profit recognized in 2020 Amount of gross profit recognized in 2021