JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of $2,200,000. JRE2 recognizes revenue upon contract completion. Estimated Cost to Complete $1,550,000 500,000 0 Cost incurred 2023 $ 250,000 2024 1,600,000 2025 450,000 In 2024, JRE2 would report gross profit (loss) of:

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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.