Percentage-of-Completion Analysis Espiritu Construction Co. has used the cost-to-cost percentage-of-completion method of recognizing revenue. Tony Espiritu assumed leadership of the business after the recent death of his father, Howard. In reviewing the records, Tony finds the following information regarding a recently completed building project for which the total contract was $2,000,000
1. How much cost was incurred in 2015?
2. What percentage of the project was completed by the end of 2015?
3. What was the total estimated gross profit on the project by the end of 2015?
4. What was the estimated cost to complete the project at the end of 2015?