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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 $1,000,000. Information relating to the contract is as follows: December 31, 2006: Percentage of completion: 20%, Estimated total costs at completion: $750,000, Income recognized : $50,000. December 31, 2007: Percentage of completion: 60%, Estimated total costs at completion: $800,000, Income recognized : $120,000. Contract costs incurred during 2007 were?

Reference no: EM13587159

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