Page Manufacturing Company uses the percentage-of-completion method of recogniz

Page Manufacturing Company uses the percentage-of-completion method of recognizing income on its long-term projects. During 2006 Page agreed to make a
specialized production system for $1000000. Information relating to the contract is as follows: December 31 2006: Percentage of completion: 20%
Estimated total costs at completion: $750000 Income recognized (cumulative): $50000. December 31 2007: Percentage of completion: 60% Estimated total
costs at completion: $800000 Income recognized (cumulative): $120000. Contract costs incurred during 2007 were Answer $320000. $330000. $350000. $480000.